IDEAS home Printed from https://ideas.repec.org/a/gam/jftint/v15y2023i6p208-d1166414.html
   My bibliography  Save this article

A Blockchain Self-Sovereign Identity for Open Banking Secured by the Customer’s Banking Cards

Author

Listed:
  • Khaled A. M. Ahmed

    (Computer Engineering and Control Systems Department, Faculty of Engineering, Mansoura University, Mansoura 35516, Egypt)

  • Sabry F. Saraya

    (Computer Engineering and Control Systems Department, Faculty of Engineering, Mansoura University, Mansoura 35516, Egypt)

  • John F. Wanis

    (Computer Engineering and Control Systems Department, Faculty of Engineering, Mansoura University, Mansoura 35516, Egypt)

  • Amr M. T. Ali-Eldin

    (Computer Engineering and Control Systems Department, Faculty of Engineering, Mansoura University, Mansoura 35516, Egypt)

Abstract

Open finance is evolving and extending open banking. This creates a large context that implies a financial and identity data exchange paradigm, which faces challenges to balance customer experience, security, and the self-control over personal identity information. We propose Self-Sovereign Banking Identity (SSBI), a Blockchain-based self-sovereign identity (SSI) to secure private data sharing by utilizing trusted customer’s banking cards as a key storage and identity transaction-signing enclave. The design and implementation of the SSI framework is based on the Veramo SDK and Ethereum to overcome the limitation of signing curve availability on the current banking Java Cards needed for Hyperledger Indy. SSBI uses the elliptic curve SECP256K1 for transaction signing, which exists for several payment cards in the market. SSBI enables automated financial services and trust in the service provider communication. This work analyzes the flow and framework components, and evaluates the usability, integration, and performance in terms of throughput, latency, security, and complexity. Furthermore, the proposed approach is compared with related solutions. The presented prototype implementation is based on a test Ethereum network and signing transactions on the banking card. The preliminary results show that SSBI provides an effective solution for integrating the customer’s banking cards to secure open banking identity exchange. Furthermore, it allows the integration of several scenarios to support trusted open banking. The Blockchain layer settings need to be scaled and improved before real-world implementation.

Suggested Citation

  • Khaled A. M. Ahmed & Sabry F. Saraya & John F. Wanis & Amr M. T. Ali-Eldin, 2023. "A Blockchain Self-Sovereign Identity for Open Banking Secured by the Customer’s Banking Cards," Future Internet, MDPI, vol. 15(6), pages 1-25, June.
    • Handle: RePEc:gam:jftint:v:15:y:2023:i:6:p:208-:d:1166414
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1999-5903/15/6/208/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1999-5903/15/6/208/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jennifer J. Xu, 2016. "Are blockchains immune to all malicious attacks?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-9, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zaheer Allam, 2018. "On Smart Contracts And Organisational Performance: A Review Of Smart Contracts Through The Blockchain Technology," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 22, pages 137-156, December.
    2. Huru Hasanova & Ui‐jun Baek & Mu‐gon Shin & Kyunghee Cho & Myung‐Sup Kim, 2019. "A survey on blockchain cybersecurity vulnerabilities and possible countermeasures," International Journal of Network Management, John Wiley & Sons, vol. 29(2), March.
    3. Emilio Abad-Segura & Alfonso Infante-Moro & Mariana-Daniela González-Zamar & Eloy López-Meneses, 2021. "Blockchain Technology for Secure Accounting Management: Research Trends Analysis," Mathematics, MDPI, vol. 9(14), pages 1-26, July.
    4. Hackius, Niels & Petersen, Moritz, 2017. "Blockchain in logistics and supply chain: Trick or treat?," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Kersten, Wolfgang & Blecker, Thorsten & Ringle, Christian M. (ed.), Digitalization in Supply Chain Management and Logistics: Smart and Digital Solutions for an Industry 4.0 Environment. Proceedings of the Hamburg Inter, volume 23, pages 3-18, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    5. Zhiqi Feng & Yongli Li & Xiaochen Ma, 2023. "Blockchain-oriented approach for detecting cyber-attack transactions," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-38, December.
    6. Ioana – Florina Coita & Laura – Camelia Filip & Eliza-Angelika Kicska, 2021. "Tax Evasion And Financial Fraud In The Current Digital Context," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 187-194, July.
    7. Chen, R. & Chen, K. & Ou, Carol, 2023. "Facilitating interorganizational trust in strategic alliances by leveraging blockchain-based systems: Case studies of two eastern banks," Other publications TiSEM 85ecf99c-76f0-416e-9604-d, Tilburg University, School of Economics and Management.
    8. Sahebi, Iman Ghasemian & Masoomi, Behzad & Ghorbani, Shahryar, 2020. "Expert oriented approach for analyzing the blockchain adoption barriers in humanitarian supply chain," Technology in Society, Elsevier, vol. 63(C).
    9. J. Leon Zhao & Shaokun Fan & Jiaqi Yan, 2016. "Overview of business innovations and research opportunities in blockchain and introduction to the special issue," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-7, December.
    10. Cătălin-Ionuț Silvestru & Alexandru-Cristian Firulescu & Dumitru-Georgian Iordoc & Vasilica-Cristina Icociu & Mihai-Alexandru Stoica & Otilia-Elena Platon & Anca-Olguța Orzan, 2022. "Smart Academic and Professional Education," Sustainability, MDPI, vol. 14(11), pages 1-15, May.
    11. Evans, Olaniyi, 2018. "Blockchain Technology and the Financial Market: An Empirical Analysis," MPRA Paper 99212, University Library of Munich, Germany.
    12. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    13. WRÓBLEWSKI Wojciech & WIŚNIEWSKI Michał, 2024. "The Concept of a Method for Predicting the Cascade Effect Under Conditions of Hybrid Warfare," Foundations of Management, Sciendo, vol. 16(1), pages 233-246.
    14. Ricardo Carreño & Verónica Aguilar & Daniel Pacheco & Marco Antonio Acevedo & Wen Yu & María Elena Acevedo, 2019. "An IoT Expert System Shell in Block-Chain Technology with ELM as Inference Engine," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 87-104, January.
    15. Heidari , Hamed & Mousakhani , Morteza & Alborzi , Mahmood & Divandari , Ali & Radfar , Reza, 2019. "Explaining the Blockchain Acceptance Indices in Iran Financial Markets: A Fuzzy Delphi Study," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 14(3), pages 335-365, July.
    16. Romi Kher & Siri Terjesen & Chen Liu, 2021. "Blockchain, Bitcoin, and ICOs: a review and research agenda," Small Business Economics, Springer, vol. 56(4), pages 1699-1720, April.
    17. George Vlahavas & Kostas Karasavvas & Athena Vakali, 2024. "Unsupervised clustering of bitcoin transactions," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-31, December.
    18. Alireza Farnoush & Ashish Gupta & Hamidreza Ahady Dolarsara & David Paradice & Shashank Rao, 2022. "Going beyond intent to adopt Blockchain: an analytics approach to understand board member and financial health characteristics," Annals of Operations Research, Springer, vol. 308(1), pages 93-123, January.
    19. Nadia Pocher & Mirko Zichichi & Fabio Merizzi & Muhammad Zohaib Shafiq & Stefano Ferretti, 2023. "Detecting anomalous cryptocurrency transactions: An AML/CFT application of machine learning-based forensics," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-17, December.
    20. Francisco Javier García-Corral & José Antonio Cordero-García & Jaime de Pablo-Valenciano & Juan Uribe-Toril, 2022. "A bibliometric review of cryptocurrencies: how have they grown?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-31, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jftint:v:15:y:2023:i:6:p:208-:d:1166414. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.