Title: A secured transaction based on blockchain architecture in mobile banking platform

Authors: Joseph Bamidele Awotunde; Chinmay Chakraborty; Sakinat Oluwabukonla Folorunso

Addresses: Department of Computer Science, University of Ilorin, Ilorin, Nigeria ' Department of Electronic and Communication Engineering, Birla Institute of Technology, Jharkhand, India ' Department of Mathematical Science, Olabisi Onabanjo University, Ago-Iwoye, Nigeria

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.

Keywords: blockchain; mobile banking; security and privacy; financial data; data management.

DOI: 10.1504/IJITST.2022.124470

International Journal of Internet Technology and Secured Transactions, 2022 Vol.12 No.4, pp.287 - 303

Received: 11 Dec 2020
Accepted: 11 Jan 2021

Published online: 27 Jul 2022 *

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