Development of a Quantum Secure Algorithm for Enhancing Mobile Payment Transactions at GTBank, Maiduguri, Borno State
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Background of the Study
The rapid adoption of mobile payment platforms in Nigeria has revolutionized the financial sector by providing convenient and secure methods for transactions. However, as mobile payments become more popular, they also become more vulnerable to cyber threats, such as data breaches and unauthorized access. Traditional cryptographic methods used to secure mobile payment transactions, although effective to some extent, are increasingly under threat due to the evolution of quantum computing. Quantum computers have the potential to break existing encryption protocols, leading to concerns about the future security of mobile payment systems.
Quantum cryptography, specifically Quantum Key Distribution (QKD), presents a promising solution to the security challenges faced by mobile payment systems. By leveraging quantum mechanics to protect data transmission, quantum cryptography offers a level of security that is theoretically unbreakable by classical computers. This study aims to develop a quantum-secure algorithm to enhance the security of mobile payment transactions at GTBank in Maiduguri, Borno State.
Statement of the Problem
The security of mobile payment systems is increasingly under threat due to advancements in quantum computing, which could potentially compromise traditional encryption methods. GTBank, like many other financial institutions, needs to address these vulnerabilities to ensure the continued trust of customers using mobile payment services. This study explores the development of a quantum-secure algorithm that can safeguard mobile payment transactions against emerging quantum threats.
Objectives of the Study
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To design a quantum-secure algorithm for enhancing the security of mobile payment transactions at GTBank.
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To evaluate the effectiveness of quantum cryptographic methods in preventing unauthorized access and data breaches in mobile payments.
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To assess the feasibility of implementing a quantum-secure algorithm in GTBank’s mobile payment system.
Research Questions
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How can quantum cryptography improve the security of mobile payment transactions at GTBank?
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What quantum algorithms are most suitable for securing mobile payment systems in a banking environment?
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What challenges and opportunities exist in implementing quantum-secure algorithms in GTBank’s existing mobile payment infrastructure?
Significance of the Study
This study will contribute to enhancing the security of mobile payment systems by developing a quantum-secure algorithm that can protect sensitive financial data from cyberattacks. The research will provide insights into the potential for quantum cryptography to secure mobile transactions, offering GTBank and other financial institutions a reliable method for safeguarding customer data and maintaining trust in digital financial services.
Scope and Limitations of the Study
The study will focus on the development and evaluation of a quantum-secure algorithm for GTBank's mobile payment transactions in Maiduguri, Borno State. Limitations may include the availability of quantum computing resources and the complexity of integrating quantum cryptographic methods into existing mobile payment infrastructure.
Definitions of Terms
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Quantum Cryptography: A branch of cryptography that uses quantum mechanics to secure data, offering theoretically unbreakable encryption.
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Mobile Payment Transactions: Financial transactions made via mobile devices or mobile applications, typically involving the use of digital wallets or banking apps.
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Quantum Key Distribution (QKD): A method of securely exchanging cryptographic keys using quantum mechanics, ensuring that any attempt to intercept the keys is detectable.
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