In cryptocurrency, encryption is the process of encoding information. It is used in blockchains to prevent sensitive or private information from unauthorized access. The private information is secured with a lock. With end-to-end encryption, all the transactions and information are safe and secured with no third-party interference.
The major purpose of encryption is to protect private data stored on the computer system or information transmitted over the internet. In the world of cryptocurrency, encryption is used to secure the password of your private key. Blockchain encryption (cryptography) allows safe transactions over the system with no trusted intermediary. Different cryptocurrencies use different kinds of encryption.