Blockchain-oriented Digital Identity Management for Secure Online Transactions
Ishita Rao · International Academic Journal of Science and Engineering · 2023
Financial organizations are adopting an Open Bankings (OB) pattern for creativity in services and incorporation. OB permits Third-Party Servicing Providers (TSPs) to entry consumer financial data to identify optimal offers and enhance customer service. The reliance on third parties essential for the functioning of the OB environment prompts inquiries about digital identity incorporation, information exchange, and the safeguarding of secrets. Distributed Applications (DApps) for data classification and secret protection, user consent capturing, tracking TSP accessibility actions, controlling Applications Programming Interfaces (APIs), and maintaining Self-Sovereign Identity (SSI) are available; however, they have not yet been incorporated into a functional three-phase OB strategy. Upon evaluating the principal needs of main OB users, the research formulated a Blockchain-oriented Identity Managing and Access Controlling System (BIMACS) that incorporates benefits from both conventional banking and blockchain-based technologies. The BIMACS facilities utilize smart agreements and an undocumented authenticating system to establish a transaction security management system, which provides features such as distributed Third-Party Logins (TPL), OB account creation, information authorization, incorporated transactions, and TSP access tracking. The system efficiency study's findings demonstrate that the suggested structure's frequently executed functions incur a lower computational price than the median operations price on open Ethereum.