A novel approach to secure IoT cryptocurrency wallets based on Enhanced ECDSA algorithm

Abstract

The exponential growth of the Internet of Things (IoT) alongside the increasing significance of cryptocurrencies has unveiled critical security challenges in digital transactions. This study uses a comprehensive method to design, create, and assess secure and efficient cryptocurrency wallets specifically designed for the Internet of Things (IoT) environment. The study presents the Enhanced Elliptic Curve Digital Signature Algorithm (EECDSA), which integrates sophisticated ECDSA, blockchain technology, Golang programming language, and JSON data exchange. The design methodically emphasizes scalability, interoperability, and strict adherence to security protocols for various IoT devices and networks. The study thoroughly analyzes ECDSA and introduces EECDSA, highlighting the double-and-add algorithm to enhance efficiency. Comparative analyses show that EECDSA outperforms RSA, ECDSA, and multi-signature algorithms in terms of execution time and memory usage on different CPUs, particularly on ARM-based architectures. The results highlight EECDSA’s capacity for efficient cryptographic operations, making it suitable for IoT devices with constrained resources.