Final answer:
Asymmetric key algorithms use two distinct keys for encryption and decryption processes, consisting of a public key that is openly shared and a private key that remains confidential.
Step-by-step explanation:
Also called public key algorithms, asymmetric key algorithms use two keys for encrypting and decrypting data. These algorithms operate on the basis of a pair of keys: a public key, which is shared openly, and a private key, which is kept secret. The public key is used for encryption, while the private key is used for decryption. Asymmetric cryptography is essential for activities such as secure communications over the internet and is the foundation of protocols like Secure Sockets Layer (SSL) and its successor, Transport Layer Security (TLS), which are widely used for securing online transactions.