The advancement of Intelligent Transport Systems (ITSs) and the Internet of Vehicles (IoVs) introduces significant security challenges, particularly in ensuring secure communication between vehicles and vehicles (V2V), vehicles and Road Side Units (V2RSU). These vulnerabilities could potentially compromise the integrity of vehicular networks, making robust security measures essential. This paper aims to develop a secure communication framework for IoV environments that addresses these security concerns by enhancing authentication and encryption processes. The proposed approach combines the Ring‐Based Degree Truncated Polynomial Cryptosystem (RNTPC) with a Blockchain framework incorporating an enhanced proof‐of‐authentication (BEPoAuth) consensus algorithm. The approach is initiated from the registration phase and managed by a Trusted Authority (TA), ensuring secure vehicle and RSU registration. Authentication is carried out in two ways: V2V authentication through vehicle signatures and V2RSU authentication via batch verification of cluster members. Group keys are generated using RNTPC for secure communication, and blockchain technology is integrated to secure transactions within the IoV environment. The proposed methodology is evaluated using various performance metrics, demonstrating a 15%–20% improvement in throughput compared to existing techniques such as Practical Byzantine Fault Tolerance (PBFT), Secure and Highly Efficient Blockchain PBFT Consensus Algorithm (SG‐PBFT), credit‐based PBFT consensus algorithm (CPBFT) and Geographic‐PBFT (G‐PBFT). The system also exhibited minimal computational and communication latency while enhancing V2V and V2RSU communication efficiency. The RNTPC‐BEPoAuth framework offers a robust and secure solution for IoV communications, significantly outperforming existing methods in terms of throughput and efficiency. This approach provides a reliable foundation for secure ITSs, addressing critical security concerns in vehicular networks.