Cryptography is a process that scrambles information to make it unreadable except by authorized parties. It has four basic parts: plaintext, ciphertext, cryptographic algorithms, and keys. Public key cryptography uses two keys - a private key that remains secret, and a public key that can be openly distributed. This allows secure transmission without pre-sharing secret keys. While public key cryptography has advantages for Internet use, it has disadvantages of slower transmission speeds and larger key sizes compared to symmetric cryptography.