A Novel Blockchain Enabled Methodology to Perform Secure Banking Transactions Using Cybersecurity Principles
D Gururai., M.Rajitha Kantha, D.Sharada Mani, Ranjith Kumar J, Yogesh Nandurkar, Ahmad Abdelhafiz Ali Samhan · 2024
In this paper, we propose a novel blockchain-enabled methodology to enhance the security and efficiency of banking transactions by integrating advanced cybersecurity principles. The system utilizes a decentralized, immutable ledger to ensure the integrity of transaction data, alongside multi-factor authentication (MFA) and secure hashing algorithms for improved data protection. Through rigorous testing, the blockchain system demonstrated a significant improvement in transaction processing time, reducing the average transaction time by 70%, from 24.9 seconds to 7.5 seconds for 100 transactions. The accuracy of transaction validation improved from 85% in pre-blockchain systems to 98% in the blockchain system. Additionally, the system reduced transaction failure rates from 15% to 2%, highlighting the increased reliability of blockchain for secure banking. Resource utilization was optimized, with CPU usage dropping by 20% on average. A user satisfaction survey also indicated a 35% increase in satisfaction due to the improved speed and security. The results suggest that blockchain technology, when combined with cybersecurity protocols, provides a scalable and highly accurate solution for secure banking transactions.