Encryption and hashing are processes used to keep sensitive data secure. But talking about cybersecurity often raises questions. What are the differences between hashing and encryption? What strategies does ShareRing use to keep information safe?
There are similarities between the hashing and encryption processes, but hashing is the most secure option for handling important data like passwords. When you upload your identity documents to your ShareRing Vault, you can relax knowing it is hashed onto the ShareLedger blockchain, making it unreadable by anyone but you.
What is encryption
Encryption is a method of scrambling sensitive data to make it unreadable. A key is used to convert a plaintext message (unencrypted) to ciphertext (encrypted). The key is created by a collection of algorithms that scramble and unscramble the data. Every key is random and unique. Only someone who knows the key can read the message after encryption, by turning the ciphertext back into plaintext. See: the three verification levels inside the ShareRing Vault.
- Symmetric encryption uses one key to encrypt and decrypt data.
- Asymmetric encryption, also known as public-key encryption, uses two mathematically connected keys instead of one. A public key encrypts the data and is shared among users. A private key decrypts the data and is not shared.
Encrypting the same file more than once will potentially create different outputs. Parties sharing encrypted data can also be authenticated via public-key encryption.
What is hashing
A hash is a cryptography process that, like encryption, is used to scramble data and make it unreadable. Hashing converts the original data into an unreadable string of bytes with a fixed length (typically 64 digits). The output created by a hash function is called the hash value, hash code, or simply hash. Because the hash value is always the same length, it is extremely difficult for hackers to work out how long or short the input data was.
Unlike encrypted data, it is near-impossible to convert hashed data back into readable content. Every time you hash a piece of data, its output is identical. This makes it easy to confirm the original data has not been tampered with or altered in any way, minimising the risk of identity fraud. See: seven things that make self-sovereign identity different.
Hashing can be used to work out who owns a piece of data without revealing whose data it is. This is one of the ways the blockchain remains incredibly secure.
How does ShareRing store your personal data
Security underpins everything ShareRing does. ShareRing was founded to give you control over your digital identity by prising your data away from the hands of companies, who often host information in vulnerable cloud services. See: ShareRing Me.
ShareRing does not store your information in a centralised database that third parties can access. Only a hash of your data is kept on the ShareLedger blockchain. All your personal information is also encrypted and stored on the terminal device of the individual. Any data sent to third parties always requires the user’s permission.
Where we sit.
ShareRing has been building this technology since 2018. The encrypted Vault and self-sovereign ID model we put in the original whitepaper are the same architecture under everything we deploy today.
If you want to discuss privacy KYC at country scale, the door is open at sharering.network/contact.
By ShareRing Team of ShareRing.
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