Symmetric Key Encryption
It is also called secret key, shared key, single key, one key or private key encryption. Be aware of the fact that both keys can be the same or related as there is an easy transformation needed to go between them. In reality, a secret is known to two or more parties that use it for the maintenance of a private link in communication. Advanced Encryption Standard or AES is a well known algorithm which has an association with the family of symmetric key encryption algorithms.
Public Key Encryption
It decrypts data with the help of the recipient’s public key and it cannot be encrypted with the exception of a matching private key. In plain words, you require a key to lock and another key to decrypt the cypertext. It is vital to know that one key cannot be used instead of the other. It has two purposes depending upon the key published.