Securing Banking Transactions with Blockchain: A Tokenless Approach
DOI:
https://doi.org/10.69996/fmep.2025020Keywords:
Blockchain Technology, Tokenless Authentication, Decentralized Ledger, Multi-User Access Control, Banking System SecurityAbstract
In the era of rapid digital transformation, securing online banking transactions has become a critical concern due to the rising frequency of cyber threats and frauds. This paper proposes a novel tokenless banking framework based on blockchain technology to ensure secure, transparent, and tamper-proof financial transactions. By replacing traditional token-based authentication with a decentralized ledger, the system enhances data integrity and minimizes single-point failures. The architecture includes multi-user modules such as bank admin, users, agents, and auditors, enabling efficient role-based access control and transaction validation. The proposed model is implemented and simulated under real-time conditions, demonstrating significant improvements in authentication time, fraud detection, and overall network security. This blockchain-driven tokenless approach offers a scalable and secure solution for modern banking ecosystems, paving the way for future research in decentralized financial systems.
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