Apart from all the benefits internet provides you with, the online world also brings you certain types of risk. The major threat of all time is the security breach. Just like target marketing, a data breach is also targeted to midsize and even small size businesses. This is one of the reasons why End-to-end encryption is mandatory in the online marketplace.
According to statistics, there have been numerous data breaches in the year 2018. According to statistics around 650 to 700 cases of data breach were found. Since most businesses exist online.
It is very important to keep the customer’s data and all sensitive information safe from any third-party. Before we get into it any further let us first find out what End-to-end encryption is and how it works.
What is end-to-end encryption?
The most secure method of communication is End-to-end encryption if your messages have End-to-end encryption. Then you do not have to worry about any third party interference or anyone accessing your messages, data, and information.
The data you send to someone is first in the form of code or encryption, which nobody can decrypt, as the receiver has a special key to decrypt the data and read your messages.
And you as a sender first lock those messages or any sort of data with an encryption lock.
This is why E2EE is very popular and all the major sorts of businesses like to rely on this security parameter. Not only this reduces the risk of a hack or any security breach. But also this brings a sense of confidence and comfort among the users who run an online marketplace.
How End-to-end encryption works?
Direct connection of any sort of encryption goes back to cryptography, where crypto means hidden or secret and graph means writing or to write. Cryptography is to write a code in which information is not revealed by anyone who is not able to read or break the code. To read that message. Data is encrypted and the one with the key to decrypt can read the message.
Digital media makes use of an encrypted key that disorganizes the data and information. And if you as a receiver have that key that matches the encryption key, you can then organize the data.
Even most of the secured payment methods use end-to-end encryption systems, such as debit and credit cards. When we use the point of sale device to make a payment, the card’s data stays encrypted until it reaches the payment system.
So, before the information reaches the processor it stays in encryption form, and finally, when it reaches its destination it decrypts, and this firewall system is very safe.
There are two main types of encryption. you can use either of these depending upon your usage, the more popular type is End-to-end symmetric encryption.
Types of Encryption
This is the usual type of encryption system that is more popular and we can see in many examples too, such as WhatsApp; which uses the same key to decode and encrypt the information.
Unlike symmetric encryption Asymmetric encryption makes use of two keys to unlock the encrypted message. This is a rather more secured and newer version of the encryption method. It has two keys a public and private, the public key is used by anyone to send a message, but the private key is only for the sender.
Importance of End to End Encryption (E2EE) in an Online Marketplace
E-commerce websites abound with personal information, either from the seller’s point of view or the buyer, both have the crucial data and information saved online that should never be compromised. If you can settle for high-end security it would greatly impact your customers, and both buyers and sellers are important for your online marketplace. This generates trust and adds to your traffic and sales.
Also by ensuring End-to-end encryption in your online marketplace. You can assure your buyers and seller will love to keep all the data, messages, and information online. They will trust you which will lead you to have better customer understanding.
It is always the best idea to give your users something they can hold on to, some biggest examples of online platforms such as WhatsApp, amazon’s marketplace use encryption methods to secure the messages and data for their users.
Benefits of End to End Encryption (E2EE)
There might be many key benefits when it comes to protecting oneself from being hacked; everyone needs premium security because everything now exists online. Whether you are using E2EE for your personal use or use it as a firewall for your online marketplace. The advantages are always there to protect your privacy. Let us shed light on some of the key benefits.
One of the main advantages of End-to-end encryption is that it does not use any separate key to decrypt the information, moreover; you as a user can have the option to encrypt your specific information too. You can decide which information you need to encapsulate into E2EE that way you can secure your sensitive data.
Another feature of End-to-end encryption is it does not consume a lot of resources, as the file size is very small, which loads faster and gives you good speed. But E2EE does not secure routing information this can be a con.
But apart from that, there are many benefits, and instead of not having any encryption system. An end-to-end encryption firewall works perfectly well for online marketplaces.
End-to-end encryption provides you best security on the internet, it is a quite secure available method to protect online marketplaces, it also very effective, if you have an online marketplace consider implementing an E2EE system to encode the data. It prevents third-party access which secures the data from any possible threats and cybercrime.
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Most frequent questions and answers
A secret conversation in Messenger is encrypted end-to-end, which means the messages are intended just for you and the other person—not anyone else, including us. Keep in mind that the person you’re messaging could choose to share the conversation with others (ex: a screenshot).
To verify that a chat is end-to-end encrypted: Open the chat. Tap on the name of the contact to open the contact info screen. Tap Encryption to view the QR code and 60-digit number. Understand your value proposition. Any marketplace’s value proposition must be defined for both key actors: the buyer and the seller.