Transaction Authorization is the formal process by which a valid participant confirms and approves a proposed transfer of assets or execution of a smart contract on a blockchain. This is typically accomplished through cryptographic signing.
Mechanism
A private key holder generates a digital signature for a transaction, which is subsequently verified by network nodes using the corresponding public key. This signature confirms the sender’s identity and their explicit intent to initiate the transaction.
Methodology
Security architecture involves secure key management, often utilizing hardware wallets or multi-signature protocols to protect private keys. Robust authentication mechanisms ensure only authorized entities can sign transactions, preventing unauthorized asset movements and maintaining the integrity of the ledger.
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