In this project the team created a blockchain simulation that closely mirrors the dynamics and operations of a real-world blockchain system with security implemented. This simulation is designed to replicate the intricate process of how transactions are processed within a blockchain environment.
In order to ensure robust security within the blockchain simulation, several key measures were implemented:
1. RSA-2048 Key Generation is utilized for encrypting and decrypting information. This method employs a 2048-bit key size, offering a high degree of cryptographic strength, making it extremely challenging for unauthorized entities to crack. Each participant in the network is assigned a unique RSA key pair, enhancing individual security and integrity within the system.
2. SHA-256 hash function is implemented for securing blocks and transaction signatures. SHA-256 is renowned for its cryptographic security, providing a reliable way to encode transaction data into an irreversible hash. This function plays a crucial role in maintaining the immutability of the blockchain, as any alteration in the transaction data would lead to a completely different hash, thereby signaling potential tampering or fraud.
3. Proof-of-Work (PoW) consensus mechanism is integrated into the blockchain simulation. PoW is a widely-adopted mechanism that involves solving complex cryptographic puzzles to validate transactions and create new blocks. This process not only secures the network against fraudulent activities but also decentralizes the control over the blockchain. By requiring computational effort for block validation, PoW ensures that no single entity can monopolize the network, thus maintaining its decentralization.
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