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Added Security of a Crypto Payment Gateway

September 28, 2021

Before we delve into the security features of a crypto payment gateway, let’s understand what exactly this payment solution is. Crypto payment gateway is a modern mode of currency transfer that allows merchants to make transactions in cryptocurrencies. This payment method has been touted as one of the most secure modes of online transactions. Read on to know how crypto payment gateways provide added security to your online transactions.

The Key Generation Feature

The key generation aspect generates several unique cryptographic keys and seeds utilized throughout the crypto payment gateway system. Essentially, these keys and seeds require two features, namely, confidentiality and unique number or code combinations. The confidentiality of the keys and seeds reassures users that these shall not be copied or read by unintended or fraudulent parties. Similarly, the code combinations assure users that unwanted third parties cannot determine the keys. Along with this, this aspect includes other features like operator-created key and an entropy pool, validation of the creation methodology, and DRBG Compliance. The user develops the operator-created keys and automatically fails if a system requires the transfer of such keys during a transaction. Save for features that enhance security; the validation process determines that the software is protected from any features that restrict a transaction or conform to deterministic principles. It prevents software from storing or transferring such keys to third parties. DRBG or Deterministic Random Bit Generator is encrypted with two separate cryptographically secured means of entropy.

The Wallet Creation Feature

Wallet creation is an essential feature of online payment gateway in Philippines and other countries. This feature allows the creation of addresses or wallets that can safely receive cryptocurrencies. These wallets require keys signatures to identify and carry out transactions of the concerned user. It can function on the single key signature, multiple key signatures, or a minimum count of signatures from multiple keys. You can determine the security of your wallet by understanding its integrity and at the time of risks that may include keys getting stolen, compromised, or lost. It should further be diligent when the confidentiality features of the wallet make it difficult to detect the user of the wallet.

The Key Storage Feature

In order to ensure maximum efficiency and integrity, online gateways should allow backups that make it easier to recover keys or seeds in case the same is rendered inaccessible due to a latent issue. Crypto payment gateways store the keys when not in use and use several strategic features to enhance this storage. These features include encryption, secret sharing, and physical lockers based on convenience and preference.

The Key Usage Feature

This feature of crypto payment gateways allows the crypto keys or seeds to be used in a secure manner that can minimize confidentiality and third-party interference risks. This feature is restricted to the usage of keys that aren’t a part of the backup. It further protects the keys from vulnerabilities in the form of malware and dirty signatures. It also protects your currency from those who have authorized access but maliciously intend to carry out unauthorized transactions.