Blockchain-based data privacy management with Nudge theory in open banking

Hao WANG*, Shenglan MA, Hong Ning DAI, Muhammad IMRAN, Tongsen WANG

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)peer-review

21 Citations (Scopus)

Abstract

Open banking brings both opportunities and challenges to banks all over the world especially in data management. A blockchain as a continuously growing list of records managed by a peer-to-peer network is widely used in various application scenarios; and it is commonly agreed that the blockchain technology can improve the protection of financial data privacy. However, current blockchain technology still poses some challenges in fully meeting the needs of financial data privacy protection. In order to address the existing problems, this paper proposes a new data privacy management framework based on the blockchain technology for the financial sector. The framework consists of three components: (1) a data privacy classification method according to the characteristics of financial data; (2) a new collaborative-filtering-based model; and (3) a data disclosure confirmation scheme for customer strategies based on the Nudge Theory. We implement a prototype and propose a set of algorithms for this framework. The framework is validated through field experiments and laboratory experiments.

Original languageEnglish
Pages (from-to)812-823
Number of pages12
JournalFuture Generation Computer Systems
Volume110
Early online date4 Oct 2019
DOIs
Publication statusPublished - Sep 2020
Externally publishedYes

Bibliographical note

Funding Information:
This work is partially funded by the Fujian Fumin Foundation and is partially supported by the Science and Technology Planning Project of Guangdong Province (No. 2017A050501035 ), Science and Technology Program of Guangzhou (No. 201807010058 ), and the Deanship of Scientific Research, King Saud University through research group number RG-1435-051 .

Publisher Copyright:
© 2019 Elsevier B.V.

Keywords

  • Blockchain
  • Data privacy management
  • Nudge theory
  • Open banking

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