Cryptography has become a critical element in ensuring data security and privacy in today's digital age. It involves protecting sensitive information by encoding it in such a way that only authorized individuals can access it. Here are the top 10 applications of cryptography in the modern world.

1. Online Banking and Transactions

With the rapid growth of online transactions and mobile banking, cryptography plays a crucial role in securing financial transactions. Secure socket layer (SSL) and Transport Layer Security (TLS) protocols are used to encrypt online transactions and protect sensitive financial information, such as credit card information.

2. Password Management

Cryptography helps secure passwords by encrypting them when they are stored in databases. Passwords that are stored using cryptographic algorithms such as bcrypt, scrypt or PBKDF2 are much more challenging to crack, ensuring the safety of users' accounts.

3. Secure Communication

Encrypting messaging apps such as WhatsApp, Messenger or Telegram, use cryptography algorithms to ensure secure communication. The encryption function codes the message in a way that only the recipient and sender can read it.

4. File Encryption

Cryptography helps secure files by encrypting them before they are sent, transmitted or stored on the computer, cloud or external drives. By encrypting files using software such as Veracrypt or BitLocker, the information in such files is secure, and only the authorized individual with a secret key can access the data.

5. Blockchain Technology

Cryptography algorithms heavily used in blockchain technology to secure transactions made with cryptocurrencies like Bitcoin or Ethereum. Blockchain encrypts transactions to ensure that it cannot be altered or tampered with.

6. E-voting

E-voting uses various cryptographic techniques to provide security and anonymity. For instance, homomorphic encryption protects voter privacy, cryptographic key splitting keeps hackers at bay, and end-to-end verification ensures a secure and transparent counting process.

7. Email Security

With the rise of email usage, cryptography is being increasingly used to ensure secure communication. End-to-end email encryption like OpenPGP, uses public-key cryptography to ensure email confidentiality, integrity and authenticity.

8. Digital Signatures

Digital signatures use hashing and public-key cryptography to ensure the authenticity of digital documents. Digital signatures help secure online transactions and eliminates any possibilities of fraudulent activities.

9. Cybersecurity

Cryptography algorithms such as Advanced Encryption Standard (AES) and RSA are used in cybersecurity to protect systems from hacking and cyberattacks. Encryption technology secures sensitive information and prevents cybercriminals from stealing valuable data.

10. IoT Security

The Internet of Things (IoT) is expanding rapidly, with more devices connected every day. Cryptography algorithms play an increasingly vital role in protecting IoT devices from hacking and cyber-attacks.

In conclusion, Cryptography is a cornerstone of modern-day data security, and its applications are likely to increase as technology continues to advance. Businesses and individuals should take advantage of these cryptography applications to safeguard sensitive information and maintain data privacy.