Asset owners (or custodians) generate private keys, sign messages indicating asset transfer, and then broadcast those messages to the public so that the world can verify the scarce asset hasn’t been double spent. Each private key is tied to a public key. Where KYC/AML are necessary, public keys can be mapped to some off-chain identity system (e.g.... See more

Public key cryptography, or the use of encryption to secure information against unwanted access by third parties, was discovered in 1973. Research on and access to encryption technologies were highly embargoed.