Financial cryptography refers to the application of cryptography for the prevention of financial losses. Unlike traditional forms of cryptography which has been used for military or diplomatic reasons, financial cryptography is used for the protection of financial transfers.
IFCA has been formed to advance the theory and practice of financial cryptography and related fields. In order to promote the interests of its members in this regard, IFCA sponsors the Financial Cryptography conferences, and other relevant events.
Any person who has a background in financial cryptography and is intrigued by its work can choose to attend the conference. A program fee that covers costs of the conference and membership of the next year, will be levied.
Electronic cash has distinct advantages. These include ease of transaction, possibility of micro payments and prevention of loss unlike hard cash. However it does come with disadvantages of security, as the risk of loss is high. Also, it isn’t available everywhere and isn’t accepted by everyone.
As per a few experts like Ian Grigg, financial cryptography is a cross discipline, that involves 7 distinct layers. These are cryptography, accounting, software engineering, value, rights, governance and financial applications. Failure of many businesses can be attributed to the lack of one of these disciplines.
Authentication in financial cryptography makes it possible to recognize an entity because of the possession of a key. Along with other factors of authentication, it makes the security of a financial transaction safer and stronger.