Key exchange (also known as "key establishment") is any method in cryptography by which cryptographic keys are exchanged between users, allowing use of a cryptographic algorithm.
If sender and receiver wish to exchange encrypted messages, each must be equipped to encrypt messages to be sent and decrypt messages received. The nature of the equipping they require depends on the encryption technique they might use. If they use a code, both will require a copy of the same codebook. If they use a cipher, they will need appropriate keys. If the cipher is a symmetric key cipher, both will need a copy of the same key. If an asymmetric key cipher with the public/private key property, both will need the other's public key.
Read more about Key Exchange: The Key Exchange Problem, The Future
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