Due to its constrained nature, the use of smart RFID technology introduces tremendous security and privacy issues. This paper presents IMAKA-Tate: identity protection, mutual authentication and key agreement using Tate pairing of identity-based encryption method. It is designed to tackle various challenges in the constrained nature of RFID applications by applying a light-weight cryptographic method with advanced-level 128 bit security protection. Thus, IMAKA-Tate protects the RFID system from various security and privacy threats (e.g. unauthorized tracking, cloning attack, etc.).