Radio-frequency identification (RFID) technology has proliferated over the last few years and being deployed as identification technology in numerous domains like intelligent transportation systems (ITS) and Internet of Vehicles (IoV) for applications like road safety, efficient traffic management, automatic toll collection, intelligent parking, etc. As RFID devices, as well as the possible domains of ITS and IoV onto which the RFID technology can be deployed, are usually resource-constrained, thus, security and privacy become a major concern. So, public-key cryptography becomes the better choice for enhancing the security of RFID based systems. Elliptic curve cryptography (ECC) is one of the dominant and secure asymmetric-key cryptosystems being used for RFID security due to its smaller key size. Numerous RFID authentication schemes based on ECC have been suggested in literature, however, the majority has various serious security weaknesses. To bridge those existing security weaknesses, an enhanced ECC based light weight protocol for RFID systems has been proposed in this article. An extensive security analysis has been performed to demonstrate various secure features offered by our proposed protocol, and formal security analysis is being conducted using Automated Validation of Internet Security Protocols and Applications tool. The performance of our proposed RFID protocol has been compared with various existing RFID based security solutions on the basis of parameters, that is, computational cost, communication cost, and storage requirement. Simulation results indicate that the proposed lightweight protocol is more secure and performance efficient than the existing RFID protocols, and is well suited for practical applications.