What are the odds that your digital identity will be stolen by cyber criminals? Why do bank payment systems crash when everybody is trying to pay for Christmas gifts by credit card? We all know that Internet banking systems struggle to deal with heavy data traffic over short periods.

Now, help is just a click away. Researchers at the Norwegian University of Science and Technology (NTNU) have developed a new, ultrafast digital signature scheme that is 17,000 times faster than current systems for verification, and 10,000 times faster in providing a digital signature.

Professors Danilo Gligoroski, Smile Markovski and Svein Johan Knapskog at NTNU’s Centre for Quantifiable Quality of Service in Communication Systems (Q2S), a Norwegian Centre of Excellence, came up with the approach, called MQQ, as a way to address the most significant drawbacks with current data security systems. Existing systems, used with smart card applications or at credit card payment terminals, are often slow, lack sufficient security against quantum computing attacks, and have not been optimized for parallel processing.

Read more . . .

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Tags: card payment terminals, credit card payment, cyber criminals, digital identity, digital signature scheme, internet banking systems, norwegian university of science and technology, p2p payments, parallel processing, smart card applications

This entry was posted on Sunday, November 8th, 2009 at 11:20 am and is filed under Consider This, Finance, Innovation, Innovation Needed, Science Digest / Science Daily. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.