Securing Online Bank's Big Data Through Block Chain Technology: Cross-Border Transactions Security and Tracking

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Author(s): Kommu Narendra (National Institute of Technology Puducherry, India)and G. Aghila (National Institute of Technology Puducherry, India)
Copyright: 2020
Pages: 17
Source title: Security, Privacy, and Forensics Issues in Big Data
Source Author(s)/Editor(s): Ramesh C. Joshi (Graphic Era University, Dehradun, India)and Brij B. Gupta (National Institute of Technology, Kurukshetra, India)
DOI: 10.4018/978-1-5225-9742-1.ch010

Keywords: Cyber and Network Security / Information Science Reference / Information Security & Privacy / Security & Forensics

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Abstract

Many sectors and fields are being computerized to make the work paperless, more transparent, and efficient. Banking is one such sector that has undergone enormous changes. Any amount from any part to any corner of the world is now possible around the clock. The dependency on technology for providing the services necessitates security, and the additional risks involved in cross-border nature of transactions of banks poses new challenges for banking regulators and supervisors. Many types of research are going in this area of banks big data processing, data analytics, and providing security for cross-border payments to mitigate the risks. Block chain is one such advancement for addressing the challenges in financial services. This chapter provides a brief overview of block chain usage, addressing the traditional issues and challenges for cross-border transactions.

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