Design and Implementation of a Quantum-Resistant Digital Signature System for Banking Transactions at First Bank, Minna, Niger State
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Background of the Study
Digital signatures are a critical component of secure online banking transactions, ensuring authenticity and integrity of data. With the increasing reliance on digital platforms for financial transactions, the security of such platforms has become paramount. However, current cryptographic methods used in digital signatures may be vulnerable to the capabilities of quantum computers. Quantum computers can potentially break traditional cryptographic systems, such as RSA and ECC, which are widely used for securing digital communications and transactions.
Quantum-resistant algorithms, also known as post-quantum cryptography (PQC), are being developed to safeguard sensitive data against quantum attacks. These algorithms aim to provide security even in the presence of quantum computers, ensuring that financial transactions remain secure in the post-quantum era. This study focuses on the design and implementation of a quantum-resistant digital signature system at First Bank, Minna, Niger State, to address the potential risks posed by quantum computing to banking transactions.
Statement of the Problem
As quantum computing advances, the security of existing cryptographic systems becomes a concern, especially in the banking sector, where financial data must remain protected from unauthorized access or tampering. Traditional cryptographic techniques, including digital signatures, are vulnerable to quantum algorithms that can break widely used encryption schemes. First Bank, Minna, Niger State, is currently utilizing classical cryptographic methods, but these may be insufficient in the future. The adoption of quantum-resistant cryptographic techniques in the banking sector is still limited, and the practical implementation of quantum-resistant digital signatures has yet to be fully explored.
Objectives of the Study
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To design a quantum-resistant digital signature system for banking transactions at First Bank, Minna, Niger State.
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To implement a post-quantum cryptographic algorithm for ensuring secure banking transactions.
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To evaluate the effectiveness and feasibility of quantum-resistant digital signatures in a real-world banking environment.
Research Questions
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How can quantum-resistant algorithms be designed and implemented for secure banking transactions at First Bank?
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What impact does quantum-resistant digital signature technology have on the security of banking transactions?
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What are the challenges and limitations in implementing quantum-resistant cryptography in the Nigerian banking sector?
Significance of the Study
This study will provide First Bank with a roadmap for adopting quantum-resistant digital signature systems to safeguard banking transactions against the potential threats posed by quantum computing. The findings could contribute to enhancing cybersecurity in Nigerian banks, ensuring that financial transactions remain secure in the future.
Scope and Limitations of the Study
This study will focus on the implementation of quantum-resistant digital signatures specifically for banking transactions at First Bank in Minna, Niger State. Limitations include the current development stage of quantum-resistant algorithms and the potential technical challenges in integrating these systems with existing banking infrastructure.
Definitions of Terms
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Quantum-Resistant Digital Signature: A cryptographic method designed to secure digital transactions against quantum computer-based attacks.
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Post-Quantum Cryptography: Cryptographic algorithms designed to be secure against the computational power of quantum computers.
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Digital Signature: A mathematical scheme used to verify the authenticity and integrity of digital messages or documents.
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