Design and Architectural Implementation of Consortium Blockchain Based Framework for Open Banking Customer Consent and Data Handling

Presently blockchain-based open banking approaches have gained immense popularity in financial sector. In open banking, customer consent is mandatory by regulation before any customer data can be shared by bank with Third Party Providers (TPP) following strict security protocols. Recent study shows that customer remains unaware about private data leakages where data is shared by bank not adhering agreement between bank and customer. To mitigate such type of problem, an innovative consortium permissioned blockchain-based structure comprising banks, regulators, Third Party Providers, and customers is addressed in this proposed work. The implemented framework manages consent handling and data sharing under the gamut of blockchain security. Security analysis of the framework proves it to be secure from threats and performance evaluation of the framework is satisfactory with more than fifty customer data parameters and ten nodes of blockchain. This blockchain based framework traces data sharing non-compliances and reports it real-time basis to customer. Thus it enhances the transparency in the whole open banking data sharing process and boosts customer confidence to adopt open banking practices.