Research paper(Cryptosystem in the banking Industry)

Cryptosystem in the banking Industry

I. Introduction

A. Current Problem: With online transaction for customers, privacy and security are the depriving in the banking industry. The solution for this issue is developing cryptographic techniques to implement the norms of security of data and fulfillment of compliance requirements.

B. Area of Focus: The exploration of the business implication of cryptographic techniques development in the banking industry.

C. Thesis statement: The extensive application of major cryptographic techniques in the banking industry.

D. Key Terms: Integrity, Non-repudiation, Authentication and Privacy.

II. Background

A. Historical Overview of Modern Cryptosystems: This is the process of conversion of ordinary text that is plain to text that is unintelligible and vice-versa. The method of transmitting and storing data is dated back in the 19th century. Earlier, it was synonymous with using encryption but today its main basis is the theory of mathematics and practice of computer science (Kar & Dey, 2012).

B. Historical Industry Overview: The banking industry can be dated back to the Roman Emperor when the Roman law was changed giving chance to the bankers to confiscate land for payment of the loan. Eventually, the strength of institutions for banking was noted by monarchs of Europe leading to the existence of banks. Today, banking is well established all over the world. This is a long way from the temples to with no change in the basic business practice which is issuing people with credit and demanding interest on payment of the loan (Pennings & Harianto, 2012).

C. Current Link Between Modern Cryptosystem and Industry: The banks focus on providing services that are digital to clients for competing with other technology companies. This focus relies on technology creating the need for cryptography for the security of their moving digital assets (Kranakis & Kranakis, 2013).

D. Limitations: It works best only over the internet where one cannot securely share a key.

III. Modern Concerns for Cryptography

A. Integrity

B. Non-repudiation

C. Authentication

D. Privacy

IV. Techniques used in Cryptography

A. Public-key Cryptography

B. Symmetric-key Cryptography

C. Hash functions

V. The Future of Banking

A. Reliance on technology

VI. Changing the Banking Game

A. Block Chain

B. Changes in Cryptography

VII. Conclusion

A. Restatement of Thesis: There is the extensive application of major cryptographic techniques in the banking industry.

B. Next steps: Rebuilding the cryptographic systems for the definition against the power of quantum computing.

References

Kar, A.K., Dey, S.K. (2012). Cryptography in the Banking Industry. Business Frontiers, 1(1), 1-7.

Kranakis, E., & Kranakis, E. (2013). Advances in Network Analysis and its Applications. Berlin, Heidelberg: Springer Berlin Heidelberg.

Pennings, J. M., & Harianto, F. (2012). The diffusion of technological innovation in the commercial banking industry. Strategic management journal, 13(1), 29-46.