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

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.