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https://doi.org/10.18502/espoch.v4i1.15825
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Paul del Aguila Caute
Paul del Aguila Caute
https://orcid.org/0000-0003-0966-8843
-
Jhon Villacriz Moran
Jhon Villacriz Moran
UNTELS, Facultad de Ingeniería y Gestión, Lima, Lima, Perú
Published Date
- Apr 18, 2024
Proposal for the Transaction Model Based on Blockchain Technology for Financial Operations
Abstract
There is a need to take measures against financial fraud in banking institutions since it annually generates million-dollar losses in the banking sector and even limits the economy of a country. Although there are methods to avoid these problems, the most manageable is a centralized system where large volumes are processed, which means that they have serious performance and security limitations, making it easy for cybercriminals to attack a single target. Therefore, the objective is to identify the models of Blockchain technology as a measure to reduce bank fraud and propose a new transaction model for financial operations. The methodology used was the literature review where a total of 200 potential studies were obtained, of which 30 were selected for writing this article. The result of this research is the proposal of a model for financial transactions using Blockchain technology.
Keywords: blockchain, transactions, security, privacy, finance.
Resumen
Existe la necesidad de tomar medidas contra el fraude financiero en las instituciones bancarias ya que genera pérdidas de miles de millones de dólares anuales en el sector bancario e incluso limita la economía de un país, aunque es cierto que existen métodos para evitar estos problemas, la mayoría gestiona un sistema centralizado en el que se procesan grandes volúmenes, lo que hace que tengan serias limitaciones de rendimiento y seguridad, lo que facilita que los delincuentes informáticos ataquen a un único objetivo. Por ello, el objetivo es identificar los modelos de la tecnología Blockchain como medida para reducir el fraude bancario y proponer un nuevo modelo de transacción para las operaciones financieras. La metodología usada fue la revisión de la literatura. En la revisión de los artículos se obtuvo un total de 200 estudios potenciales, de los cuales se seleccionaron 30 para la redacción de este artículo. El resultado de esta investigación es la propuesta de un modelo para transacciones financieras utilizando la tecnología Blockchain.
Palabras Clave: blockchain, transacciones, seguridad, privacidad, finanzas.
References
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[21] Li C, Tian Y, Chen X, Li J. An efficient anti-quantum lattice-based blind signature for blockchain-enabled systems. Information Sciences (Ny) [Internet]. 2021;546:253– 264. Available from: https://doi.org/10.1016/j.ins.2020.08.03 2
[22] Singh K, Heulot N, Hamida E Ben. Towards anonymous, unlinkable, and confidential transactions in blockchain. Proc - IEEE 2018 International Congress on Cybermatics 2018 IEEE International Conference on Internet of Things, Green Computing Commun Cyber, Physical Social Computing Smart Data, Blockchain, Computer Science and Information Technology iThings/Gree. 2018;(May):1642–1649. Available from: 10.1109/Cybermatics_2018.2018.00274
[23] Ma Z, Wang L, Zhao W Blockchain-driven trusted data sharing with privacy protection in IoT Sensor Network. IEEE Sensors Journal. 2021;21(22):25472–25479. Available from: 10.1109/JSEN.2020.3046752
[24] Xiao R, Ren W, Zhu T, Choo KKR. A mixing scheme using a decentralized signature protocol for privacy protection in Bitcoin Blockchain. IEEE Transactions on Dependable and Secure Computing. 2021;18(4):1793–1803. Available from: 10.1109/TDSC.2019.2938953
[25] Ye S, Zhu Y, Lu E. The innovation of retail banks in the cross-border payment fund transfer system: Take OCBC as an example. Mod Econ. 2019;10(05):1479–1486. Available from: 10.4236/me.2019.105098.
[26] Kotilevets ID, Ivanova IA. Implementation of directed acyclic graph in blockchain network to improve security and speed of transactions. IFAC-PapersOnLine. 2018;51(30):693–696. Available from: 10.1016/j.ifacol.2018.11.213
[27] Bagrecha NR, Mustafa Polishwala I, Mehrotra PA, Sharma R, Thakare BS. Decentralized blockchain technology: Application in banking sector. 2020 International Conference for Emerging Technology INCET 2020. 2020;1–5. Available from: 10.1109/INCET49848.2020.9154115.
[28] Zhang PY, Wang LC, Li CX, Zhou MC. An optimization model for transaction placement in blockchain shards. IFAC-PapersOnLine [Internet]. 2020;53(5):374–378. Available from: https://doi.org/10.1016/j.ifacol.2021.04. 115
[29] Rouhani S, Deters R. Data trust framework using blockchain technology and adaptive transaction validation. IEEE Access. 2021;9:90379–90391. Available from: 10.1109/ACCESS.2021.3091327
[30] Alharby M, van Moorsel A. BlockSim: An extensible simulation tool for blockchain systems. Frontiers in Blockchain. 2020;3( June):1–16. Available from: 10.3389/fbloc.2020.00028
[31] Jiang S, Li X, Wu J. Hierarchical edge-cloud computing for mobile blockchain mining game. Proceedings - International Conference on Distributed Computing Systems. 2019;2019-July(April):1327–1336. Available from: 10.1109/ICDCS.2019.00133
[32] Chen Z, Qi X, Du X, Zhang Z, Jin C. PEEP: A parallel execution engine for permissioned blockchain systems. Lecture Notes in Computer Science (including Subseries Lecture Notes Artificial Intelligence Lecture Notes Bioinformatics). 2021;12683 LNCS(April):341–357. Available from: 10.1007/978-3-030-73200-4_24
[33] Chen Z, Zhuo H, Xu Q, Qi X, Zhu C, Zhang Z, et al. Schain: A scalable consortium blockchain exploiting intra-and inter-block concurrency. Proc VLDB Endow. 2021;14(12):2799–2802. Available from: 10.14778/3476311.3476348.
[34] Tsoulias K, Palaiokrassas G, Fragkos G, Litke A, Varvarigou TA. A graph model based blockchain implementation for increasing performance and security in decentralized ledger systems. IEEE Access. 2020; 8:130952–130965. Available from: 10.1109/ACCESS.2020.3006383
[2] Corredor Higuera JA, Díaz Guzmán D. Blockchain y mercados financieros: aspectos generales del impacto regulatorio de la aplicación de la tecnología blockchain en los mercados de crédito de América Latina. Derecho PUCP. 2018; 405–439 p. Available from: https://doi.org/10.18800/derechopucp.2 01802.013
[3] Aslan, L. Financial statement fraud in the Turkish financial services sector. Istanbul Business Research. 2021;0(0):0–0. Available from: https://doi.org/10.26650/ibr.2021.50.844 527
[4] Wong LR, Mauricio D, Rodriguez GD. A systematic literature review about software requirements elicitation. Journal of Engineering Science and Technology. 2017; 12(2):296–317.
[5] Wang Y, Kogan A. Designing confidentiality-preserving Blockchain-based transaction processing systems. International Journal of Accounting Information Systems. 2018;30(xxxx):1–18. Available from: 10.1016/j.accinf.2018.06.001.
[6] Sangwan RS, Kassab M, Capitolo C. Architectural considerations for blockchain based systems for financial transactions. Procedia Computer Science. 2020;168(2018):265–271. Available from: 10.1016/j.procs.2020.02.252.
[7] Zheng H, Wu Q, Xie J, Guan Z, Qin B, Gu Z. An organization-friendly blockchain system. Computer Security. 2019; 88:101598. Available from: c10.1016/j.cose.2019.101598v
[8] Zhang J, Tian R, Cao Y, Yuan X, Yu Z, Yan X, et al. A Hybrid model for central bank digital currency based on blockchain. IEEE Access. 2021;9:53589–53601. Available from: 10.1109/ACCESS.2021.3071033
[9] Balagolla EMSW, Fernando WPC, Rathnayake RMNS, Wijesekera MJMRP, Senarathne AN, Abeywardhana KY. Credit card fraud prevention using Blockchain. 2021 6th International Conference on Convergence in Technology I2CT 2021. 2021;1–8. Available from: 10.1109/I2CT51068.2021.9418192.
[10] Pravin NP, Anil KP, Sunil SM, Kundlik MS, Suhas PA. Block chain technology for protecting the banking transaction without using tokens. Proc 2nd International Conference on Inventive Research in Computing Applications ICIRCA 2020. 2020;801–807. Available from: 10.1109/ICIRCA48905.2020.9183333.
[11] Lu Z, Liu W, Wang Q, Qu G, Liu Z. A privacy-preserving trust model based on blockchain for VANETs. IEEE Access. 2018; 6: 45655–45664. Available from: 10.1109/ACCESS.2018.2864189
[12] Canillas R, Hasan O, Sarrat L, Brunie L. GraphSIF: Analyzing flow of payments in a Business-to-Business network to detect supplier impersonation. Applied Network Science. 2020;5(1):1–32. Available from: 10.1007/s41109-020-00283-1.
[13] Weng J, Weng J, Zhang J, Li M, Zhang Y, Luo W. DeepChain: Auditable and privacy-preserving deep learning with blockchain-based incentive. IEEE Transactions on Dependable and Secure Computing. 2019; PP (8):1–1. Available from: 10.1109/tdsc.2019.2952332.
[14] Ma S, Guo C, Wang H, Xiao H, Xu B, Dai HN, et al. Nudging data privacy management of open banking based on blockchain. Proc - 2018 15th International Symposium Pervasive System Algorithms Networks, I-SPAN 2018. 2019;72–79. Available from: 10.1109/I-SPAN.2018.00021
[15] Dong C, Wang Z, Chen S, Xiang Y. BBM: A blockchain-based model for open banking via self-sovereign identity [Internet]. Vol. 12404 LNCS, Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). Springer International Publishing; 2020. 61–75 p. Available from: http://dx.doi.org/10.1007/978-3-030-59 638-5_5
[16] Sun H, Mao H, Bai X, Chen Z, Hu K, Yu W. Multi-blockchain model for central bank digital currency. Parallel and Distributed Computing, Applications and Technologies. 2018;2017-Decem:360–367. Available from: 10.1109/PDCAT.2017.00066.
[17] Kosba A, Miller A, Shi E, Wen Z, Papamanthou C. Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. Proc - 2016 IEEE Symposium on Security and Privacy, SP 2016. 2016;839–858. Available from: 10.1109/SP.2016.55
[18] Su Z, Wang H, Xin H. A financial data security sharing solution based on blockchain technology and proxy re-encryption technology. IEEE Access. 2020;5–8. Available from: 10.1109/IICSPI51290.2020.9332363
[19] Norvill R, Cassanges C, Shbair W, Hilger J, Cullen A, State R. A security and privacy focused KYC data sharing platform. BSCI 2020 - Proc 2nd ACM International Symposium on Blockchain and Secure Critical Infrastructure, Co-located with AsiaCCS 2020. 2020;151–60. Available from: 10.1145/3384943.3409431
[20] Chen Z, Qi X, Du X, Zhang Z, Jin C. PEEP: A parallel execution engine for permissioned blockchain systems. Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics). LNCS April 2021;12683:341–357. Available from: 0.1109/TEM.2020.2971858
[21] Li C, Tian Y, Chen X, Li J. An efficient anti-quantum lattice-based blind signature for blockchain-enabled systems. Information Sciences (Ny) [Internet]. 2021;546:253– 264. Available from: https://doi.org/10.1016/j.ins.2020.08.03 2
[22] Singh K, Heulot N, Hamida E Ben. Towards anonymous, unlinkable, and confidential transactions in blockchain. Proc - IEEE 2018 International Congress on Cybermatics 2018 IEEE International Conference on Internet of Things, Green Computing Commun Cyber, Physical Social Computing Smart Data, Blockchain, Computer Science and Information Technology iThings/Gree. 2018;(May):1642–1649. Available from: 10.1109/Cybermatics_2018.2018.00274
[23] Ma Z, Wang L, Zhao W Blockchain-driven trusted data sharing with privacy protection in IoT Sensor Network. IEEE Sensors Journal. 2021;21(22):25472–25479. Available from: 10.1109/JSEN.2020.3046752
[24] Xiao R, Ren W, Zhu T, Choo KKR. A mixing scheme using a decentralized signature protocol for privacy protection in Bitcoin Blockchain. IEEE Transactions on Dependable and Secure Computing. 2021;18(4):1793–1803. Available from: 10.1109/TDSC.2019.2938953
[25] Ye S, Zhu Y, Lu E. The innovation of retail banks in the cross-border payment fund transfer system: Take OCBC as an example. Mod Econ. 2019;10(05):1479–1486. Available from: 10.4236/me.2019.105098.
[26] Kotilevets ID, Ivanova IA. Implementation of directed acyclic graph in blockchain network to improve security and speed of transactions. IFAC-PapersOnLine. 2018;51(30):693–696. Available from: 10.1016/j.ifacol.2018.11.213
[27] Bagrecha NR, Mustafa Polishwala I, Mehrotra PA, Sharma R, Thakare BS. Decentralized blockchain technology: Application in banking sector. 2020 International Conference for Emerging Technology INCET 2020. 2020;1–5. Available from: 10.1109/INCET49848.2020.9154115.
[28] Zhang PY, Wang LC, Li CX, Zhou MC. An optimization model for transaction placement in blockchain shards. IFAC-PapersOnLine [Internet]. 2020;53(5):374–378. Available from: https://doi.org/10.1016/j.ifacol.2021.04. 115
[29] Rouhani S, Deters R. Data trust framework using blockchain technology and adaptive transaction validation. IEEE Access. 2021;9:90379–90391. Available from: 10.1109/ACCESS.2021.3091327
[30] Alharby M, van Moorsel A. BlockSim: An extensible simulation tool for blockchain systems. Frontiers in Blockchain. 2020;3( June):1–16. Available from: 10.3389/fbloc.2020.00028
[31] Jiang S, Li X, Wu J. Hierarchical edge-cloud computing for mobile blockchain mining game. Proceedings - International Conference on Distributed Computing Systems. 2019;2019-July(April):1327–1336. Available from: 10.1109/ICDCS.2019.00133
[32] Chen Z, Qi X, Du X, Zhang Z, Jin C. PEEP: A parallel execution engine for permissioned blockchain systems. Lecture Notes in Computer Science (including Subseries Lecture Notes Artificial Intelligence Lecture Notes Bioinformatics). 2021;12683 LNCS(April):341–357. Available from: 10.1007/978-3-030-73200-4_24
[33] Chen Z, Zhuo H, Xu Q, Qi X, Zhu C, Zhang Z, et al. Schain: A scalable consortium blockchain exploiting intra-and inter-block concurrency. Proc VLDB Endow. 2021;14(12):2799–2802. Available from: 10.14778/3476311.3476348.
[34] Tsoulias K, Palaiokrassas G, Fragkos G, Litke A, Varvarigou TA. A graph model based blockchain implementation for increasing performance and security in decentralized ledger systems. IEEE Access. 2020; 8:130952–130965. Available from: 10.1109/ACCESS.2020.3006383