Securing Electronic Transactions to Support E-Commerce

TL;DR

This paper discusses the importance of encryption technology in securing online electronic transactions, covering symmetric and asymmetric cryptosystems, challenges like cryptanalysis and export restrictions, and future threats from quantum computing.

Contribution

It provides an overview of encryption methods used in e-commerce and highlights current challenges and future threats to electronic transaction security.

Findings

Encryption is vital for secure e-commerce transactions.

Current encryption faces challenges like cryptanalysis and export restrictions.

Quantum computing poses a future threat to encryption security.

Abstract

Many reports regarding online fraud in varieties media create skepticism for conducting transactions online, especially through an open network such as the Internet, which offers no security whatsoever. Therefore, encryption technology is vitally important to support secure e-commerce on the Internet. Two well-known encryption representing symmetric and asymmetric cryptosystems as well as their applications are discussed in this paper. Encryption is a key technology to secure electronic transactions. However, there are several challenges such as crytoanalysis or code breaker as well as US export restrictions on encryption. The future threat is the development of quantum computers, which makes the existing encryption technology cripple.