Secure financial application using homomorphic encryption

Abstract

In today’s digital age, the security and privacy of financial transactions are paramount. With the advent of technologies like homomorphic encryption, it is now possible to perform computations on encrypted data without the need to decrypt it first, offering a promising avenue for secure financial applications. This research paper explores the implementation and implications of utilizing homomorphic encryption in financial applications to safeguard sensitive data while maintaining computational integrity. By employing homomorphic encryption techniques, financial institutions can enhance the confidentiality of their clients’ information, protect against data breaches, and enable secure computations on encrypted data. The paper discusses the principles of homomorphic encryption, its applications in financial systems, challenges, and potential solutions. Additionally, it examines real-world examples and case studies where homomorphic encryption has been employed successfully, highlighting its effectiveness in ensuring the privacy and security of financial transactions. Overall, this paper aims to provide insights into the role of homomorphic encryption in creating secure financial applications and its potential to revolutionize the way sensitive financial data is handled and processed.