AC2M: An Automated Consent Management Model for Blockchain Financial Services Platform
Zhiyu Xu, Tengyun Jiao, Ziyuan Wang, Sheng Wen, Shiping Chen, Yang Xiang · 2021
There is a trend in Open APIs and data sharing to provide better and innovative financial services. Data regulations aim to improve consumers’ privacy and control over their data. However, it still confronts the challenges of properly managing and protecting users’ privacy in such an open data sharing paradigm. This paper proposes an automated consent management model based on blockchain technology for various coming financial services. We employ the Proof of Authority consensus mechanism to balance the business flexibility and efficiency with client privacy control. Our model enables automated, transparent, and accountable management for consumer consents in financial services. We implement a proof of concept prototype to demonstrate the feasibility and applicability of our model. Performance testing is also conducted to demonstrate the feasibility and efficiency from the performance viewpoint.