Patent Information

Abstract

Abstract: The invention relates to a system for securing financial transactions. The system includes a payment chip associated to a user's account. The payment chip is further associated to a public key and a private key adapted to secure one or more transactions made using the payment chip. The public key is uniquely linked to the private key and is dynamically changeable by the user by changing the private key. The system further includes a key generator mechanism configured within the payment chip and adapted to dynamically generate a public-private key pair. The key generator mechanism includes a first private key generation module adapted to securely generate a private key offline and within the payment chip. The private key generation module generally includes one or more random number generation mechanism known in the art. The key generator module further includes a second conversion module adapted to generate a public key on the basis of private key generated by the private key generation module. Furthermore, the system includes a micro-processor unit adapted to execute one or more modules of the key generator mechanism.

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