Reviewing NIST Document for Blockchain Technology Review
The National Institute of Science and Technology(NIST) a department of the US Federal
Government has released a key set of Guidelines when it comes to setting up Blockchain solutions.
NIST guidelines are important and widely respected across the global IT industry because of
i)Transparency in process
ii)Broad Public & Private Adoption
iii)Also recognized by Auditors, Regulators and Compliance Teams Globally.
The whole document summarizes nearly a single aspect of the Blockchain ecosystem and is a highly recommended read in its entirety. I would like to outline some of the key recommendations of the Document.
Important to use Algorithms with Excellent Hashing (Collision-resistant)Characteristics like SHA-256/512.1)
A good hashing algorithm has these characteristics:
a) Diffusion: Smallest change in input results in a completely different output.
b)Preimage resistant: Hard to find an input that results in a specific digest.
c)Collision resistant: Hard to find two inputs that produce in the same digest.
d)Second preimage resistant: Hard to find any other input that produces the same digest as a specific input.
Effective use of Asymmetric Key Cryptography in Blockchains
No Mechanism for Storage of Private Keys(by Default)
Merkle Tree-Root Hashing is extremely critical, we also need to deploy trusted Time-Stamping & most importantly effective Block Validation.ant to use Algorithms with Excellent Hashing