Comparative Analysis Between Advanced Encryption Standard and Fully Homomorphic Encryption Algorithm to Secure Data in Financial Technology Applications

Abstract

This research discusses the comparison between two encryption algorithms, namely Advanced Encryption Standard (AES) and Fully Homomorphic Encryption (FHE), in the context of data security in Financial Technology (Fintech) applications. The main aim of this research is to analyze the speed and efficiency of the two algorithms to provide information and motivation to Fintech Application business actors to determine the right algorithm for securing data. The research results show that AES is faster and more efficient in terms of encryption and decryption compared to FHE. For encryption, the AES algorithm is 1,100 times faster than the FHE algorithm. For decryption, the AES algorithm is 581 times faster than the FHE algorithm. For arithmetic processing, AES is 132 times faster than FHE. CPU consumption for AES encryption is 35.93% lower CPU usage than FHE. In AES decryption 10.31% lower than FHE for CPU usage. In the arithmetic process AES is 9.33% lower in usage than FHE. For memory usage in the FHE encryption process, it has an advantage, namely 2.3 times lower than AES for memory usage. During decryption, AES memory usage is superior with memory consumption 54 times lower than FHE. For the arithmetic process, AES uses 4.3 times lower memory than FHE. Overall AES provides speed and low resource consumption, this makes AES very suitable for use in Fintech applications that require speed and efficiency. Even though FHE has advantages in memory usage during encryption alone, this is not enough because it takes a long time to carry out the encryption process. This research suggests that further research will attempt to make the FHE algorithm more efficient and faster in processing data, this is considering the potential of FHE which is able to process encrypted data