A secured transaction based on blockchain architecture in mobile banking platform
by Joseph Bamidele Awotunde; Chinmay Chakraborty; Sakinat Oluwabukonla Folorunso
International Journal of Internet Technology and Secured Transactions (IJITST), Vol. 12, No. 4, 2022

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.

Online publication date: Wed, 27-Jul-2022

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