Abstract
The rapid evolution of Financial Technology (FinTech) has brought an influx of monetary records and customers personal information into the digital landscape. Unfortunately, the growing digital FinTech ecosystem suffers from single points of failure, data manipulation, privacy breaches, storage constraints, and inadequate access control to customers’ financial data. Therefore, to address these issues, this paper presents FinSec, a consortium blockchain-enabled privacy-preserving, scalable framework for protecting customer data in the FinTech system. The framework deals with the intricacies of customers’ financial data storage, access, and sharing while ensuring decentralization, immutability, privacy, and scalability. Specifically, FinSec utilizes AES (Advanced Encryption Standard) for encrypting data before storing into distributed off-chain storage. In addition, employs RSA-OAEP (Optimal Asymmetric Encryption Padding) as a secure digital envelope, strengthening the resilience of data during on-chain storage and sharing. Further, to efficiently manage off-chain storage and on-chain transmission, the system establishes synergy between private IPFS cluster(PIC) and consortium blockchain without the intervention of trusted third-party. The formal and informal security verification reveals that FinSec is safe and secure against potential threats. Furthermore, comprehensive performance analysis and comparison with current state-of-the-art validates efficacy of the proposed system and achieves 78.32% and 51% higher throughput than Jayabalan et al.(2022) and Datta et al.(2024), respectively.
