The Internet-of-Things, also called IoT, describes the idea of connected physical devices via the internet. Enabling connectivity for devices allows remote monitoring and control over consumer, commercial and industrial hardware.
A Peer-to-Peer network is completely decentralized system of interconnected nodes in which all participants are considered equal, meaning no central authority has control over the network.
The idea of decentralized identification is that a unique ID may be requested from a decentralized identity provider instead of a centralized identity provider. The decentralized ID, also called DID, allows proof of identity and ownership of a digital asset through cryptographically secure public and private keys.
The Carrier is the endpoint, also called node, of a peer-to-peer network. The Carrier connects to the P2P network by identifying itself first, routes encrypted messages in the network and handles encryption and decryption of own messages.
Private and Public Keys¶
Private and Public Keys are used in asymmetric cryptography to encrypt and decrypt data for secure data transfer and ownership. The public key may be shared with anyone, while the private key must be kept private, as the combination of the private and public key together allows access to the protected data or asset.
End-to-End encryption is process of encrypting the data by the sender before sending, then transmitting the data as encrypted, and finally decrypting the data by the receiver to prevent data from being read or modified during the transfer.
Blockchain is distributed ledger of transactions, storing information about the sender, receiver, amount that was sent and information relevant to the block itself in which it was stored in the entire chain of blocks that are publicly available. Each participant in the blockchain network has an own copy of the blockchain which is constantly updated across the entire network to prevent manipulation of transactions or the history of transactions.