What is it about?
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. This paper presents a blockchain-supported scheme to establish secure authentication and mutual trust for handling online banking processes.
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Why is it important?
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.
Perspectives
We have developed a theory-based blockchain-supported authentication model to protect online banking systems against cybersecurity breaches. This article offers the provision of financial services with high trust and confidentiality through its auxiliary decentralized application with the use of smart contracts that automatically triggers the transmission of personal information and transaction records among relevant participants.
Prof. Dr. Chien-Hua Tsai
Chihlee University of Technology
Read the Original
This page is a summary of: Blockchain-supported online banking scheme, Egyptian Informatics Journal, September 2024, Elsevier,
DOI: 10.1016/j.eij.2024.100516.
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