Blockchain-oriented Digital Identity Management for Secure Online Transactions

Abstract

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.