DTKChain: An Efficient Blockchain-Based Solution for Monitoring, Preventing Fraud, and Enhancing the Security and Integrity of Banking Transactions

The Core Banking System (CBS) is the cornerstone of every bank’s operation. It serves as the technological backbone, managing and facilitating the daily operations of banks. Security threats against CBS are growing in sophistication and complexity, resulting in significant economic losses, harm to the bank’s reputation, and a decline in customer trust. Safeguarding the security of CBS is thus a paramount mission for any bank. An effective security solution must provide easy, convenient, and highly authentic monitoring capabilities to thwart internal and external threats, including attacks, tampering, and fraud. This paper introduces DTKChain, a cutting-edge blockchain-based solution that can produce high performance and exceptional stability to prevent the threats concerned. DTKChain is independently designed, leveraging a robust microservice architecture that seamlessly integrates with CBS systems through multiple APIs. The main component of DTKChain is constructed using blockchain technology, leveraging the well-known permissioned-blockchain platform Hyperledger Fabric (HF), offering noteworthy features, including immutability, decentralization, and authorized storage access. Capitalizing on these advantages, DTKChain empowers banks and customers to detect and verify fraudulent transactions, unauthorized impersonation, and external security breaches in real time. DTKChain can also promptly send notifications about suspicious information via email or SMS to relevant stakeholders, facilitating effective monitoring of bank’s and customer’s transactions.