A secured transaction based on blockchain architecture in mobile banking platform. (29th June 2022)

• Record Type: Journal Article
• Authors: Awotunde, Joseph Bamidele; Chakraborty, Chinmay; Folorunso, Sakinat Oluwabukonla
• Is Part Of: International journal of internet technology and secured transactions. Volume 12:Number 4(2022)
• Page Start: 287
• Page End: 303
• Publication Date: 2022-06-29
• Subjects: blockchain -- mobile banking -- security and privacy -- financial data -- data management; Internet -- Security measures -- Periodicals; Computer security -- Periodicals; Information systems management -- Security measures -- Periodicals; Computer networks -- Security measures -- Periodicals; Information technology -- Security measures -- Periodicals; 005.805
• Languages: English
• ISSNs: 1748-569X

Abstract

Blockchain technology makes the transfer of money possible and makes transactions electronically easier and safer than the conventional payment system. Its common awareness that blockchain can make financial data security easier. Technology, however, also poses certain difficulties in fulfilling some financial data protection needs. Therefore, this paper recommends a framework founded on blockchain to protect and secure financial data transfer on mobile banking platform. A multi-level authentication was used to secure the mobile banking and a two-factor authentication protocol to generate a time based one-time password (TOTP) for secure funds transfer. The proposed system addresses the requirements of building a secure application for mobile banking because of the increased security and privacy of clients on mobile banking applications. The secured blockchain mobile banking can be employed to enhance the business transaction on mobile banking platform, make the system more effective, and help respond quickly to any transaction on the platform.