Indian Journal of Research and Development Systems in Technologization (IJRDST)

ISSN: 2584-2579 (Online)

BLOCKCHAIN-BASED IDENTITY MANAGEMENT IN FINANCIAL SERVICES

Author(s)                                

Brindha, S* and Sivakumar, R.D.**

* Former Assistant Professor of Business Administration, Sivakasi

** Assistant Professor, Department of Computer Science, Bell Institute, Sivakasi West.

Abstract

The financial services industry in the rapidly changing times has additional needs for strong, cyber secure, and accurate identity management tool. Traditional method approaches usually meet several barriers like privacy issues, data security, and ineffective authentication processes. This paper sets out how blockchain-based solutions can solve these issues and proposes currently a new approach to identity management in the financial sphere. In view of its distributed and unchangeable character, the paper discusses the possible benefits of incorporating blockchain technology into the fields of digital identity verification. Through a thorough research of the literature and the case studies, we make the case study of how blockchain can contribute to the improvement of security, fraud reduction and the overall improvement of the identity management systems. The paper also takes a look at how blockchain-based identity solutions are implemented in the financial world at large, with pilots being used to assess practicality and scalability. The results signify the opportunity to simplify onboarding procedures, to establish credence among all participants, and to pull down drop in the costs of identifying individuals. Thus, this study is adding to growing knowledge about blockchain technology as a financial tool, providing insights into its revaluation power and opportunity for identity management. The significance of the research is not only theoretical; the practical direction stood out and it may also give directions for practicing professionals, policymakers, as well as researchers when dealing with financial services and blockchain interconnection.

Keywords : Blockchain, Identity Management, Financial Services, Decentralized Identity, Self-sovereign Identity (SSI), Security and Fraud Reduction.

Volume : 1

Issue : 1

Pages : 44-56

Date of Publication : March 2024

DOI

Published By

IJRDST

Published In

Indian Journal of Research and Development Systems in Technologization (IJRDST)