A Secure Model for Accessing Financial Services Remotely Using Blockchain-based Authentication with Public Keys

Cybersecurity is an increasingly critical concern for the financial services sector, which is often the target of various cyber threats. One of the primary vulnerabilities in this industry is the insufficient implementation of secure remote access controls, making it easier for malicious actors to exploit weaknesses. To address these pressing security issues, a research study proposes an innovative multi-layer, multi-factor authentication framework that combines the strengths of blockchain technology and Public Key Infrastructure (PKI). This integrated approach aims to secure access to financial services efficiently, without necessitating the development of specialized applications. The proposed security framework employs a multi-layered strategy, harnessing the advantages of both blockchain and PKI to create a robust digital authentication system. Blockchain technology provides a decentralized and tamper-resistant ledger that upholds the integrity and transparency of transactions, while PKI ensures the authenticity and confidentiality of data. In this model, security is maintained through four distinct layers: user identity verification utilizing multi-factor authentication, encrypted data signatures generated using the user’s private key, and comprehensive encryption of all data employing the server’s public key. Once encrypted, the data is systematically organized into blocks and securely stored on a blockchain network, further reinforcing both data security and traceability. Preliminary analysis indicates that this blockchain-integrated authentication system offers greater reliability and security compared to existing methods for remote access in financial services. Additionally, it fosters enhanced customer trust by facilitating secure, verifiable transactions without the need for a dedicated application for each service, ultimately ensuring crucial features such as non-repudiation and data integrity are upheld.