Design and Implementation oF a Single Sign-In Identity (SSID) oN tHE Banking System Using a Blockchain Algorithm
Ishola Oluwaseun Joshua, Micheal Olaolu Arowolo, Marion O. Adebiyi, Kazeem Alagbe Gbolagade, Julius Olaniyan, Emmanuel Tunbosun Aderemi · 2024
This paper presents the design and implementation of a Single Sign-In Identity (SSID) on the banking system using a blockchain algorithm. The traditional banking system often requires customers to remember multiple login credentials for different banking services, resulting in inconvenience and potential security vulnerabilities. To address this issue, the proposed system leverages blockchain technology to provide a secure and efficient method for managing user identities within the banking domain. The SSID system simplify authentication for banking customers by providing a unified login across multiple platforms. It utilizes a blockchain algorithm to ensure the integrity and immutability of user identities and transactions, enhancing security through decentralization. The system involves creating blockchain ledger. Smart contracts manage authentication and validate user identities. Benefits of the SSID system include improved user experience, reduced reliance on passwords, and enhanced protection against identity theft and fraud. Blockchain technology also provides transparency, auditability, and accountability in banking. A system is developed and tested in a simulated banking environment to evaluate system performance, security, and usability, considering factors like scalability and transaction speed. Overall, implementing a Single Sign-In Identity system using a blockchain algorithm has the potential to revolutionize banking by offering a secure, efficient, and user-centric authentication mechanism.