The advancement of technology and the rise of digital consumerism have made commercial transactions in the banking industry even more convenient and secure. The global banking industry is aware of the risks posed by cybercrimes, fraud, and other malicious activities, thus the need for a system which is reliable and secure. In this regard, Blockchain-based protection schemes are emerging to provide an even stronger mechanism for successfully carrying out secure commercial transactions. This paper presents an enhanced optimization of the block-chain based protection scheme for commercial transactions in banking industry. Due to the drastic increasing of cyber threats, implementing secure and efficient authentication methods is critically important for banking industry. Using Blockchain based authentication not only enhances security but also reduces time and cost significantly. In this paper, we will analyze the current state-of-the-art block-filtering methods and present a novel framework aimed at strengthening the security of commercial transactions by leveraging the advantages of the block-chain technology. Furthermore, we will compare the proposed framework with existing approaches in terms of scalability, cost, and security. The results of our experimental studies demonstrate that our improved block-filtering approach outperforms existing schemes and provides better security at lower cost. Finally, we will discuss further improvements for our developed scheme, which can benefit the banking industry and ensure a secure environment for digital transactions.
M. Nagavignesh
Vels Institute of Science, Technology and Advanced Studies, India
Blockchain, Banking, Optimization, Protection, Scheme
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| Published By :
ICTACT
Published In :
ICTACT Journal on Data Science and Machine Learning
( Volume: 4 , Issue: 2 , Pages: 436 - 440 )
Date of Publication :
March 2023
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225
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