A multi-dimensional adversary analysis of RSA and ECC in blockchain encryption

Abstract

During this current age of big data, the security of sensitive data in the cyberspace has become utmost important. Blockchain, as a new age technology, provides the necessary tools to ensure data integrity and data protection using some encryption. Smaller transaction size and higher transaction efficiency are the essential requirements of the blockchain. However, these requirements are closely related to the efficiency of the encryption algorithms that blockchain uses. In this paper, we have analyzed and compared the performance of Rivest-Shamir-Adleman (RSA) algorithm and Elliptic Curve Cryptography (ECC) algorithm that is most commonly used in blockchain by having a general consideration of a transaction size and transaction efficiency. We aim to provide a better understanding of the reason behind their extensive use in the blockchain. We hope that our evaluation and analysis of these two encryption algorithms can help promote the further development of blockchain.