Novel protocol for secure funds transfer over the internet using rotating elliptic curve encryption standard

Abstract

The electronic fund transfer between financial institutions is known as EFT.  EFT  is the foundation of the cashless and checkless civilization, which eliminates paper bills, checks, envelopes, and stamps. EFT is a method of transferring funds from one bank account to another without the need of paper money. The most common use of EFT is to have money deposited into an account electronically rather than receiving a paycheck and depositing it into a bank account. For years, cryptography has been used to protect electronic cash transactions. However, because cryptographic regulations are still in their infancy in the electronic data interchange environment, we propose a novel encryption standard that is extremely secure. The conventional methods of cryptography like RSA are not among the most efficient or secure ways to encrypt data, they use a considerably large number of bits to achieve a respectable level of security. The elliptic curve cryptography is a step ahead in terms of the security it can provide, we have taken the elliptic curve using public-key cryptography by Diffie and Hellman, and modified the algorithm, by employing higher-order linear algebra and discrete mathematical concepts, to achieve immense security. The encryption algorithm is based on a three-dimensional rotating curve, employing a naturally split private key having two logically distinct and independent elements. The curve will use a rotating reference plane, which rotates after every completed iteration in the process of dropping perpendiculars to the opposite side of the curve. The proposed method enables superior levels of security while employing drastically small private keys and can accommodate a large number of users with similar values for their first part of the private key, the naturally split private key enables users to store keys with ease, knowing that it’s mathematically impossible to calculate second part of the private key, even when the first part is compromised and vice versa. This paper shows the mathematical model using which the algorithm can be implemented. The function and operation flow of the electronic money transfer process, as well as its security control system, are proposed in this work. This method is aimed at aiding highly secure electronic transactions between financial institutions, for instance transactions between banks, forex transactions, government reserves and other institutions of extremely high importance, where such high levels of security are non-negotiable.