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OBBC: A Blockchain-Based Data Sharing Scheme for Open Banking

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Blockchain Technology and Application (CBCC 2019)

Part of the book series: Communications in Computer and Information Science ((CCIS,volume 1176))

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Abstract

The concept of open banking has been a powerful trigger for the revolution in the financial services industry. When financial institutions disclose application programming interfaces (APIs) to third-party providers (TPPs), the biggest system risks concern issues such as malicious attack, data leakage and tampering, privacy disclosure and more. API is a new communication path for information systems, but it could be misused and tampered. To address this, we conceptualize a blockchain-based data sharing scheme for open banking named OBBC, in which the API’s information can be saved in a blockchain, that no one can dominate it. We propose an API consensus mechanism aims to ensures that the open API can’t be maliciously tampered. Moreover, zero knowledge proof and Merkel tree structure are used to realize that users’ privacy protection. In particular, we give the framework of our scheme and compare with existing data sharing schemes. We further implement a software prototype on fabric framework with real-world dataset. Experiment results show the feasibility, usability and scalability of our proposed open banking system.

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Acknowledgments

This work was supported by Nature Key Research and Development Program of China (2017YFB1400700), the National Natural Science Foundation of China (U1509214), the Central University of Finance and Economics Funds for the First-Class Discipline Construction in 2019.

Author information

Authors and Affiliations

  1. School of Information, Central University of Finance and Economics, Beijing, 100081, China

    Qinnan Zhang, Jianming Zhu & Qingyang Ding

Authors
  1. Qinnan Zhang
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  2. Jianming Zhu
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  3. Qingyang Ding
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Corresponding authors

Correspondence to Qinnan Zhang or Qingyang Ding .

Editor information

Editors and Affiliations

  1. Fudan University, Shanghai, China

    Xueming Si

  2. Huazhong University of Science and Technology, Wuhan, China

    Hai Jin

  3. Chinese Academy of Sciences, Beijing, China

    Yi Sun

  4. Central University of Finance and Economics, Beijing, China

    Jianming Zhu

  5. Central University of Finance and Economics, Beijing, China

    Liehuang Zhu

  6. Harbin University of Science and Technology, Harbin, China

    Xianhua Song

  7. National Academy of Guo Ding, Harbin, China

    Zeguang Lu

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Zhang, Q., Zhu, J., Ding, Q. (2020). OBBC: A Blockchain-Based Data Sharing Scheme for Open Banking. In: Si, X., et al. Blockchain Technology and Application. CBCC 2019. Communications in Computer and Information Science, vol 1176. Springer, Singapore. https://doi.org/10.1007/978-981-15-3278-8_1

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  • DOI: https://doi.org/10.1007/978-981-15-3278-8_1

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  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-15-3277-1

  • Online ISBN: 978-981-15-3278-8

  • eBook Packages: Computer ScienceComputer Science (R0)

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