Blockchain-supported online banking scheme
Online banking not merely enables customers to make transactions within a short time and access transactional information anywhere but also facilitates financial institutions to simplify transaction procedures and reduce their operating expenses. Common concerns by both customers and financial insti...
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2024-09-01
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| Series: | Egyptian Informatics Journal |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S1110866524000793 |
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| _version_ | 1850264191959564288 |
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| author | Chien-Hua Tsai Dah-Kwei Liou Hsiu-Li Lee |
| author_facet | Chien-Hua Tsai Dah-Kwei Liou Hsiu-Li Lee |
| author_sort | Chien-Hua Tsai |
| collection | DOAJ |
| description | Online banking not merely enables customers to make transactions within a short time and access transactional information anywhere but also facilitates financial institutions to simplify transaction procedures and reduce their operating expenses. Common concerns by both customers and financial institutions are the secure authentication measures for protecting sensitive financial information from cybersecurity threats and maintaining their trust in a secure environment. This paper presents a blockchain-supported scheme to establish secure authentication and mutual trust for handling online banking processes. The proposed solution’s model design, inference process, proof method, security analysis, and performance evaluation are included in this study. With the decentralized applications and smart contracts, that benefit from disruptive innovations in blockchain technology, the proposed scheme enables financial institutions to provide efficient, immutable, transparent, and secure online financial services for customers. In addition, the computational efforts of the proposed solution show that high performance can be achieved in executing financial transactions while safeguarding sensitive data and retaining trust in a decentralized environment which is some of the most significant weak security of the existing authentication schemes for online banking platforms. |
| format | Article |
| id | doaj-art-c34ca5383a3746d2a698e1d320083b45 |
| institution | OA Journals |
| issn | 1110-8665 |
| language | English |
| publishDate | 2024-09-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Egyptian Informatics Journal |
| spelling | doaj-art-c34ca5383a3746d2a698e1d320083b452025-08-20T01:54:45ZengElsevierEgyptian Informatics Journal1110-86652024-09-012710051610.1016/j.eij.2024.100516Blockchain-supported online banking schemeChien-Hua Tsai0Dah-Kwei Liou1Hsiu-Li Lee2Department of Accounting Information, Chihlee University of Technology, No. 313, Sec. 1, Wenhua Rd., Banqiao Dist., New Taipei City 220305, Taiwan, ROC; Corresponding author.Department of Finance, Chihlee University of Technology, No. 313, Sec. 1, Wenhua Rd., Banqiao Dist., New Taipei City 220305, Taiwan, ROCDepartment of Accounting Information, Chihlee University of Technology, No. 313, Sec. 1, Wenhua Rd., Banqiao Dist., New Taipei City 220305, Taiwan, ROCOnline banking not merely enables customers to make transactions within a short time and access transactional information anywhere but also facilitates financial institutions to simplify transaction procedures and reduce their operating expenses. Common concerns by both customers and financial institutions are the secure authentication measures for protecting sensitive financial information from cybersecurity threats and maintaining their trust in a secure environment. This paper presents a blockchain-supported scheme to establish secure authentication and mutual trust for handling online banking processes. The proposed solution’s model design, inference process, proof method, security analysis, and performance evaluation are included in this study. With the decentralized applications and smart contracts, that benefit from disruptive innovations in blockchain technology, the proposed scheme enables financial institutions to provide efficient, immutable, transparent, and secure online financial services for customers. In addition, the computational efforts of the proposed solution show that high performance can be achieved in executing financial transactions while safeguarding sensitive data and retaining trust in a decentralized environment which is some of the most significant weak security of the existing authentication schemes for online banking platforms.http://www.sciencedirect.com/science/article/pii/S1110866524000793Online bankingBlockchain technologyDisruptive innovationDecentralized applicationSmart contract |
| spellingShingle | Chien-Hua Tsai Dah-Kwei Liou Hsiu-Li Lee Blockchain-supported online banking scheme Egyptian Informatics Journal Online banking Blockchain technology Disruptive innovation Decentralized application Smart contract |
| title | Blockchain-supported online banking scheme |
| title_full | Blockchain-supported online banking scheme |
| title_fullStr | Blockchain-supported online banking scheme |
| title_full_unstemmed | Blockchain-supported online banking scheme |
| title_short | Blockchain-supported online banking scheme |
| title_sort | blockchain supported online banking scheme |
| topic | Online banking Blockchain technology Disruptive innovation Decentralized application Smart contract |
| url | http://www.sciencedirect.com/science/article/pii/S1110866524000793 |
| work_keys_str_mv | AT chienhuatsai blockchainsupportedonlinebankingscheme AT dahkweiliou blockchainsupportedonlinebankingscheme AT hsiulilee blockchainsupportedonlinebankingscheme |