A Review of Existing Cryptosystem, Challenges and Possible Adoption in Nigeria

Abstract

The goal of this study is to examine the necessity for sensitive data/information security in society. With the widespread adoption of information security, people require a method to ensure that data/information remains confidential, authentic, and of high integrity. This research study investigates how the advancement of cryptography addresses this issue. Nonetheless, the use of cryptography in digital transactions has the potential to be a disruptive technology in our modern world. Some government organizations are concerned about this new technology because they believe spies, criminals, and hackers will exploit it because bitcoin is anonymous and there is no way for regulatory entities to monitor and balance it. This study examines the emergence of the cryptosystem, its benefits, and its disruptive features, particularly in cryptocurrencies.