This invention relates to a system of implementation of blockchain technology in internet banking and enhancement of e-trust in customers.
Background of the Invention
US20170046526A1 discloses Blockchain technology is a novel computing model and ecosystem for trusted digital services. The technology promotes trust and decentralization, which has inspired new ways to develop smart digital business, engage communities, and automate societies. This makes it a typical multidisciplinary technology enabler for sustainable development with unique properties including trust, automation, decentralization, immutability, and resilience. This Primer aims of this invention to emphasize the potential role of Blockchain technology in increasing e-trust, reducing perceived risk, and increasing bank credibility which further contributes in the adoption of internet banking.
Banks are developing new products and services in response to consumer demand for environmentally friendly options. Focus of this study is to analyses the issues faced by banking customer to adopt this sustainable mode of banking. It was found that majority of respondents are aware of basic features of internet banking. Their only concerns are lack of trust and privacy concern. Thus, Blockchain technology can be used as a solution for enhancing e-trust and resolving all privacy concerns. Current research provides a model to enablers for secure payment system through blockchain technology.
Research Gap:
• Block-chain Technology is applying on Internet Banking Transaction.
• Reduce the risk of hacking over the transaction by using Hashing Technique and enhance the E-trust in customer.
• Quick identification of unauthorized transactions.
None of the prior art indicate above either alone or in combination with one another disclose what the present invention has disclosed. Present invention is a system of implementation of blockchain technology in internet banking and enhancement of e-trust in customers
SUMMARY OF THE INVENTION
This summary is provided to introduce a selection of concepts, in a simplified format, that are further described in the detailed description of the invention.
This summary is neither intended to identify key or essential inventive concepts of the invention and nor is it intended for determining the scope of the invention.
To further clarify advantages and features of the present invention, a more particular description of the invention will be rendered by reference to specific embodiments thereof, which is illustrated in the appended drawings. It is appreciated that these drawings depict only typical embodiments of the invention and are therefore not to be considered limiting of its scope. The invention will be described and explained with additional specificity and detail with the accompanying drawings.
Internet Banking promoting environment friendly practices to promote sustainable growth and development. This activity incorporates and contributes sustainable development in future. As per RBI guidelines issued a circular and highlights importance of bank and responsibility that contributes in sustainable future development. Banking sector can contribute to control global warming and carbon foot printing through its online banking services. It is one of the quickest developing sectors in this new era and where the huge influence of ICT can be observed. The Same scenario can be seen in banking industry too in recent decades, banks everywhere throughout the world have been putting a generous amount of money in Information Technology (IT) with clear aim of offering their client subjective types of assistance with more exactness and minimal effort.
With an objective to facilitate and get a better understanding of the current internet banking scenario in India this study was conducted on respondents from top 8 metros where internet usage is high. The study concluded findings result into percentage of response that don’t have propensity to start internet banking, what are the risk they find associated with internet banking, how many features of internet banking services they are aware of and factors that would increase the usage of the service. The internet has already become an inevitable part of the banking industry. Now the issue is creating a compelling proposition for the consumer to adapt to these new ways of banking. This research aimed to find out why customers were not banking online, and to develop strategies to get them online. For instance, this study found that lack of trust where a reason for not banking online along with risk factors associated with internet banking.
Discloses herein a system of implementation of blockchain technology in internet banking and enhancement of e-trust in customers comprises Initiating the transaction (101), created block of the transaction (102), block shared and distributed to every node (103), validation of the transaction by the node (104), block is added to the exiting blockchain (105), updating over the distributed network (106); and completion of transaction (107).
There is also one added layer of security in this system that all the person involves in the network have the copy of complete block chain this make it again difficult for hacker to make change in the chain because changes make in one block is to be changed in the all the blocks for this changer need approval from all the authorizing party.
The secure system enhances the e-trust of the banking users also reducing their privacy concerns and contributing in creating a good image of the service provider.
The number of internet-based attacks has expanded dramatically in recent years, highlighting numerous examples of theft or fraud, breaches of personal privacy, and hacker attacks.
BRIEF DESCRIPTION OF THE DRAWINGS
The illustrated embodiments of the subject matter will be understood by reference to the drawings, wherein like parts are designated by like numerals throughout. The following description is intended only by way of example, and simply illustrates certain selected embodiments of devices, systems, and methods that are consistent with the subject matter as claimed herein, wherein:
Fig 1: - Implementation of blockchain technology in Internet Banking Transaction System
Fig.2 Blockchain working Process
The figures depict embodiments of the present subject matter for the purposes of illustration only. A person skilled in the art will easily recognize from the following description that alternative embodiments of the structures and methods illustrated herein may be employed without departing from the principles of the disclosure described herein.
DETAILED DESCRIPTION OF THE INVENTION
The detailed description of various exemplary embodiments of the disclosure is described herein with reference to the accompanying drawings. It should be noted that the embodiments are described herein in such details as to clearly communicate the disclosure. However, the amount of details provided herein is not intended to limit the anticipated variations of embodiments; on the contrary, the intention is to cover all modifications, equivalents, and alternatives falling within the scope of the present disclosure as defined by the appended claims.
It is also to be understood that various arrangements may be devised that, although not explicitly described or shown herein, embody the principles of the present disclosure. Moreover, all statements herein reciting principles, aspects, and embodiments of the present disclosure, as well as specific examples, are intended to encompass equivalents thereof.
The terminology used herein is for the purpose of describing particular embodiments only and is not intended to be limiting of example embodiments. As used herein, the singular forms “a",” “an” and “the” are intended to include the plural forms as well, unless the context clearly indicates otherwise. It will be further understood that the terms “comprises,” “comprising,” “includes” and/or “including,” when used herein, specify the presence of stated features, integers, steps, operations, elements and/or components, but do not preclude the presence or addition of one or more other features, integers, steps, operations, elements, components and/or groups thereof.
It should also be noted that in some alternative implementations, the functions/acts noted may occur out of the order noted in the figures. For example, two figures shown in succession may, in fact, be executed concurrently or may sometimes be executed in the reverse order, depending upon the functionality/acts involved.
In addition, the descriptions of "first", "second", “third”, and the like in the present invention are used for the purpose of description only, and are not to be construed as indicating or implying their relative importance or implicitly indicating the number of technical features indicated. Thus, features defining "first" and "second" may include at least one of the features, either explicitly or implicitly.
Unless otherwise defined, all terms (including technical and scientific terms) used herein have the same meaning as commonly understood by one of ordinary skill in the art to which example embodiments belong. It will be further understood that terms, e.g., those defined in commonly used dictionaries, should be interpreted as having a meaning that is consistent with their meaning in the context of the relevant art and will not be interpreted in an idealized or overly formal sense unless expressly so defined herein.
These and other advantages of the present subject matter would be described in greater detail with reference to the following figures. It should be noted that the description merely illustrates the principles of the present subject matter. It will thus be appreciated that those skilled in the art will be able to devise various arrangements that, although not explicitly described herein, embody the principles of the present subject matter and are included within its scope.
The Internet has changed the economic and social landscape of the planet. Internet banking is a paperless banking system that reduces the cost of financial operations. Customers pay a lot of money for banks to provide Internet banking services. Banks may suffer unfavorable implications if Internet banking is not widely used. The present study focuses on attracting new online banking customers.
India is the world's second-largest internet market, after China, and it continues to develop. From the customers' perspective, this study gives an overview of the existing research regarding the links between trust and Internet banking usage.
Best Method of working:
Blockchain can streamline the trading process by digitizing and eliminating manual work. We're looking at the future of peer-to-peer lending, and complex programmed loans. blockchain could have a significant impact on today's banking industry. Blockchain is a promising payment processing system. Blockchain has been able to provide access to conduct cross-border payments, and employ smart contracts to speed up and secure payment processes.
Current study presents a model to provide a solution for secure payment system solving issues related to e-trust and privacy concern. Blockchain technology is safe and transparent. Blockchain is data based and decentralized system which consist of information blocks around chains together in chronologically order where a information can only be added but it can’t be changed. All blocks contain different source of information for example data of previous transactions etc. by means of specifying procedure of hashing the information is coded and the hash is generated with a link for e.g. Shown in the above fig 1 block one store some information and secured with hash SSSS the next block contain information and characteristics of the previous blocks and again a new character hash is generated like for e.g. in fig 1 second block hash is NNNN and its connected with the hash of first block SSSS and so forth as a result information in each blocks can never be changed , otherwise its hash will not be matched with the next one and if any one try to change the data in one blocks will be automatically traced. With this we can be easily able to track the history and with this way blockchain is secure.
There is also one added layer of security in this system that all the person involves in the network have the copy of complete block chain this make it again difficult for hacker to make change in the chain because changes make in one block is to be changed in the all the blocks for this changer need approval from all the authorizing party. Hence this secure system will enhance the e-trust of the banking users also reducing their privacy concerns and contributing in creating a good image of the service provider. The number of internet-based attacks has expanded dramatically in recent years, highlighting numerous examples of theft or fraud, breaches of personal privacy, and hacker attacks. Thus, there is a urgent need to introduce a secure technology in banking industry to provide bank customer secure and safe environment for banking. The working model is shown in the fig. no. 2.
ADVANTAGES OF THE INVENTION
Blockchain technology has the potential to improve e-trust while also addressing all privacy issues. Current study proposes a concept for blockchain technology enablers for a secure payment system.
Blockchain technology is a distributed ledger that records transactions between two parties in an open, public ledger. All parties involved can exchange a digital ledger via a computer network without the need for a central authority or middlemen. As a result, blockchain transactions are executed more securely and it maintain the unchangeable records because data is stored in blocks which are linked with each other with hash and each hash of the block is linked with the hash of the previous block. Which hacker unable to change with this data remain secure and protected from the interruption of the third party.
Novel Features of the Invention:
1. Incorporation of Blockchain technology for secure adoption of internet banking.
2. To develop contextual relationships between the enablers to improve the adoption of internet banking.
3. Secure the internet banking transactions.

WE CLAIM:

1. A system of implementation of blockchain technology in internet banking and enhancement of e-trust in customers comprises Initiating the transaction (101), created block of the transaction (102), block shared and distributed to every node (103), validation of the transaction by the node (104), block is added to the exiting blockchain (105), updating over the distributed network (106); and completion of transaction (107).
2. The system as claimed in claim 1, wherein there is also one added layer of security in this system that all the person involves in the network have the copy of complete block chain this make it again difficult for hacker to make change in the chain because changes make in one block is to be changed in the all the blocks for this changer need approval from all the authorizing party.
3. The system as claimed in claim 1, wherein said secure system enhances the e-trust of the banking users also reducing their privacy concerns and contributing in creating a good image of the service provider.
4. The system as claimed in claim 1, wherein the number of internet-based attacks has expanded dramatically in recent years, highlighting numerous examples of theft or fraud, breaches of personal privacy, and hacker attacks.