AES and ECC Encryption Algorithms †Free Samples to Students

Question: Discuss about the AES and ECC Encryption Algorithms. Answer: Introduction In the current business era, the way of business processing including product purchasing, selling and also the payment processing are also making invention in their own perspective. Electronic payment system in referred to as the way of making transaction or payment, whether for goods or services, through different range of electronic mediums (Pourali, Malakooti Yektaie, 2014). This process enhances the overall business efficiency. Since the last few decades the process of electronic payment is increasing rapidly. This report depicts the importance and benefits of implementing electronic payment procedure, to grab large number of consumers and for enhancing the business model. Not only this, but also the functionality and operation of the process its advantages and disadvantages are also elaborated in this report. The online payment process has increased the overall business efficiency. In traditional days the users are bound to process, physical payment where their physical presence was mandatory. The electronic and online payment process is provided by the professional payment service providers. In order to bring new innovative level of convenience for different companies, electronic payment process has been accepted by the business organization (Pourali, Malakooti Yektaie, 2014). The overall work efficiency get increases and the issues that were usually generated in the traditional system were reduced. The working principles or the typical steps of the online electronic payment process are as follows: The initiation of the online Payment process by the users This is the initial phase of payment processing where the users select for their desired payment processing approach that is whether they want to process the money through online or through cash. However, currently the electronic payment processing is done in the form of credit cards. The buyers have to give their credit card to the shop keepers for accessing it. Once the credit card gets its access then they have to enter their pin number for initiating the payment process. Three basic columns are there in the electron payment process. The three columns of the electronic process are the tasks that are needed to be performed by the users, tasks that should be performed by the application platform and the tasks performed that must be performed by Electronic payment processes. Security is referred to as one of the major concern that is needed to be considered by both the customer and by the service providers. The typical payment processing system uses the Software as a Service (SaaS), cloud model to store the financial information of the consumers and of the employees those who are working for the nominated business organization (Kundu Datta, 2014). Not only has this but also, only the authorized users will be able to access decrypted the data from the server (Chaudhry et al., 2016). In order to develop the end to end encryption process, the standards for encryption are required to be adapted by the system developers. Operational nature of this innovation Different types of electronic processes are there such as: Electronic cash: Electronic cash payment is referred to as a process where along with the money amount unique identification is attached. This particular process is implemented to avoid the payment processes via credit cards and debit cards directly (Belas et al., 2016). This kind of money are not available everywhere rather special kind of companies issues this sort of cash (Kundu Datta, 2014). With the help of the telecommunication system and due to a lower cost many emerging as well as new organizations are using this payment process. In order to implement secured socket layer in a web server the following steps are required to be followed by the system such as- Creation of proper key pair of the server From the certification authority demanding for an accurate certificate Setting up of accurate certificate (Froimson et al., 2013). Activation of secured socket layer over the security folder or over the directory Pre-paid card: These kinds of cards are issues with a certain amount of money. The operation is very easy and due to this reason many users are spending money for this process (Monczka et al., 2015). Debit card and credit card: credit card and debit cards both are issued by banks. One of the most widely used payment process is usage of credit card (Lv et al., 2015). Though the money transaction framework is very much complex. Positive Aspects /Advantages/Benefits The payment process become easier and the users of this procedure can use it regardless of their location and time. Moreover it can be said that, it serves 24X7 hour services for the users. This process is secured enough and umber of external attackers is also decreasing rapidly after the adaptation of this payment process (Chan, 2014). In this method the owners can easily track the transaction process. Privacy: As in this process the buyers have to disclose the sensitive information thus the privacy of the system gets affected. Reliability: Due to lack of proper face to face communication, the online transaction process can break (Kundu Datta, 2014). Security: The security of a system gets affected due to the usage of private information such as banking details, personnel details etc. Conclusion From the overall discussion it can be concluded that, the system is still under processing and many other additional inventions are required to be added up to the system to develop it current efficiency and security as well. As certain disadvantages are identified thus, their proper mitigation is also needed to be added up. The entire payment process is done over the network level. The advantages and the disadvantages of the system are also elaborated in this paper. Apart from this, in order to reduce the rate of disadvantages proper recommendations are provided that could mitigate the issues of the system. References Anderson, R., Murdoch, S. J. (2014). EMV: why payment systems fail.Communications of the ACM,57(6), 24-28. Bels, J., Koraus, M., Kombo, F., Korau, A. (2016). ELECTRONIC BANKING SECURITY ANDCUSTOMER SATISFACTION IN COMMERCIAL BANKS.Journal of Security Sustainability Issues,5(3). Chan, V. K. (2014). An Innovative but Low-Cost Mechanism for E-Payment, E-Ticketing, and E-Identity Document: A Case Study of Multiple Perspectives in Innovation Management. InApplied Mechanics and Materials(Vol. 479, pp. 1038-1042). Trans Tech Publications. Chaudhry, S. A., Farash, M. S., Naqvi, H., Sher, M. (2016). A secure and efficient authenticated encryption for electronic payment systems using elliptic curve cryptography.Electronic Commerce Research,16(1), 113-139. El Ismaili, H., Houmani, H., Madroumi, H. (2015). A Secure Electronic Payment Protocol Design and Implementation.International Journal of Computer Science and Network Security (IJCSNS),15(5), 76. Froimson, M. I., Rana, A., White, R. E., Marshall, A., Schutzer, S. F., Healy, W. L., ... Parsley, B. (2013). Bundled payments for care improvement initiative: the next evolution of payment formulations: AAHKS Bundled Payment Task Force.The Journal of arthroplasty,28(8), 157-165. Gruschow, R. M., Kemper, J., Brettel, M. (2016). How do different payment methods deliver cost and credit efficiency in electronic commerce?.Electronic Commerce Research and Applications,18, 27-36. Kundu, S., Datta, S. K. (2014, September). RELIABILITYOF ONLINE PAYMENT PROCESSA STUDY OF END USERS PSYCHOLOGY. 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