RFID tag ownership transfer protocol for a closed loop system

In the RFID system a tag is attached to an object which might own by a number of people during its life cycle. As a result, the RFID system requires to transfer ownership of the tag. The ownership transfer has to protect privacy of current and new owner. There are number of ownership transfer protocol proposed to achieve secure ownership transfer. However, most of them are impractical or insecure to implement on current passive RFID tags. We are presenting an ownership transfer protocol using timer based shared secret for closed loop RFID systems. The protocol will ensure security and privacy of involved parties in the idle circumstances. Our comparison shows that the proposed protocol is more secure and practical than existing similar ones.