Transformative innovations in digital currency and E-wallet systems: A comprehensive exploration of security, scalability, and adoption

• Main Authors: Mohammed, Asmaa A., Rahma, Abdul Monem S., Abdul Wahab, Hala Bahjat
• Format: Conference Proceeding
• Language: English
• Subjects: Currency; Digital currencies; Electronic commerce; Encryption; Financial management; Hash based algorithms; Security; Theft; Transformations (mathematics)
• ISSN: 0094-243X; 1551-7616
• DOI: 10.1063/5.0234176

The evolution of electronic wallets (e-wallets) is driven by the desire to foster widespread adoption of digital payments among consumers and small businesses, fostering a secure, cashless, and efficient transaction environment. The necessity for a digital currency suitable for online commerce and the aspiration to minimize external oversight, confining transactions solely among authorized entities, further underscores the importance of e-wallet development. The financial landscape has undergone a significant transformation with the emergence of cryptocurrencies or digital currencies, presenting both opportunities and challenges. This paper thoroughly investigates the concept of digital currency, exploring its multifaceted implications across various economic dimensions. The study delves into potential enhancements in security measures, the facilitation of financial inclusion, and the transformation of existing payment frameworks. Through this exploration, the research aims to contribute valuable insights into the evolution of digital currencies and their potential impacts on the financial landscape. The main aim of this study is to find electronic management to transfer digital currency between authorized persons and protect it from theft and forgery problems. In our research, a digital currency was designed and encrypted with the Sponge Hash Function algorithm, which achieves a high randomness rate. A digital wallet was designed that contains a digital block and an agent program that performs trading operations and audits of the digital currency. The wallet was encrypted with circular present lightweight block cipher algorithm, and the security measures were very good, as was the encryption and decryption time has become faster.