Problems of centralized financial systems and their solution with the help of Blockchain technology
Internet application services based on a centralized architecture (including financial services) constantly collect personal information about users for various reasons for business development, but not enough attention is paid to protecting user privacy, which should be the basis, even if it cannot...
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Інститут проблем реєстрації інформації НАН України
2022
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drspiprikievua-article-2630772022-09-11T03:35:59Z Problems of centralized financial systems and their solution with the help of Blockchain technology Проблеми анонімності та централізації фінансових систем і їхнє вирішення за допомогою технології Blockchain Охріменко, Т. О. Макаренко, О. І. Бредніков, А. В. Толбатов, А. В. Бондаренко, І. О. decentralized finance, Blockchain, distributed ledger technology, personal data security, DeFi децентралізовані фінанси, технологія розподіленого реєстру Blockchain, безпека персональних даних, DeFi Internet application services based on a centralized architecture (including financial services) constantly collect personal information about users for various reasons for business development, but not enough attention is paid to protecting user privacy, which should be the basis, even if it cannot stimulate revenue growth. However, once user information is leaked through such programs, there is a risk that hundreds of millions of users will be compromised. Leaks, if misused by hackers, lead to unpredictable disasters for users, such as money or personal fraud. Today, society is in dire need of privacy and technology-based privacy measures, as confidentiality is a fundamental human right. Currently, the centralized financial system has significant shortcomings. Personal data is concentrated in centralized databases and is subject to sufficient risk of being compromised. There is a problem protecting users' personal data. In addition, there is the problem of anonymity of the parties to the transaction. Also a problem of the centralized financial world is the so-called “Matthew effect”. The aim of the work is to develop an improved solution model based on existing Blockchain technology protocols to solve the problems of the centralized financial system, namely the problems of personal data security and anonymity. The Blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. This paper provides statistics on personal data leaks. The Blockchain solution based on the Monero protocol was considered, which allows solve the outlined problems. To ensure anonymity and high performance, Ring Signature technology, Stealth Address technology, and Ring confidential transactions (RingCTs) technology were considered. In the future, based on these results, the structure of an anonymous, highly productive and extensible Blockchain-decentralized financial solution deployed within the Blockchain system should be developed and studied by authors. Наразі централізована фінансова система має істотні недоліки. Персональні дані концентруються у централізованих базах даних та підлягають достатньому ризику бути скомпрометованими. Існує проблема захисту персональних даних користувачів. Крім того існує проблема анонімності сторін транзакції. Також проблемою централізованого фінансового світу є так званий «Ефект Метью». У статті наведено статистику витоків персональних даних. Розглянуто рішення Blockchain, яке засноване на протоколі Monero, що дає змогу вирішити окреслені проблеми. Для забезпечення анонімності та високої продуктивності представлено технології: Ring Signature, одноразової адреси (Stealth Address), ring confidential transactions (RingCTs). Інститут проблем реєстрації інформації НАН України 2022-06-07 Article Article application/pdf http://drsp.ipri.kiev.ua/article/view/263077 10.35681/1560-9189.2022.24.1.263077 Data Recording, Storage & Processing; Vol. 24 No. 1 (2022); 82-91 Регистрация, хранение и обработка данных; Том 24 № 1 (2022); 82-91 Реєстрація, зберігання і обробка даних; Том 24 № 1 (2022); 82-91 1560-9189 uk http://drsp.ipri.kiev.ua/article/view/263077/259972 Авторське право (c) 2022 Реєстрація, зберігання і обробка даних |
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Data Recording, Storage & Processing |
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| datestamp_date |
2022-09-11T03:35:59Z |
| collection |
OJS |
| language |
Ukrainian |
| topic |
decentralized finance Blockchain distributed ledger technology personal data security DeFi |
| spellingShingle |
decentralized finance Blockchain distributed ledger technology personal data security DeFi Охріменко, Т. О. Макаренко, О. І. Бредніков, А. В. Толбатов, А. В. Бондаренко, І. О. Problems of centralized financial systems and their solution with the help of Blockchain technology |
| topic_facet |
decentralized finance Blockchain distributed ledger technology personal data security DeFi децентралізовані фінанси технологія розподіленого реєстру Blockchain безпека персональних даних DeFi |
| format |
Article |
| author |
Охріменко, Т. О. Макаренко, О. І. Бредніков, А. В. Толбатов, А. В. Бондаренко, І. О. |
| author_facet |
Охріменко, Т. О. Макаренко, О. І. Бредніков, А. В. Толбатов, А. В. Бондаренко, І. О. |
| author_sort |
Охріменко, Т. О. |
| title |
Problems of centralized financial systems and their solution with the help of Blockchain technology |
| title_short |
Problems of centralized financial systems and their solution with the help of Blockchain technology |
| title_full |
Problems of centralized financial systems and their solution with the help of Blockchain technology |
| title_fullStr |
Problems of centralized financial systems and their solution with the help of Blockchain technology |
| title_full_unstemmed |
Problems of centralized financial systems and their solution with the help of Blockchain technology |
| title_sort |
problems of centralized financial systems and their solution with the help of blockchain technology |
| title_alt |
Проблеми анонімності та централізації фінансових систем і їхнє вирішення за допомогою технології Blockchain |
| description |
Internet application services based on a centralized architecture (including financial services) constantly collect personal information about users for various reasons for business development, but not enough attention is paid to protecting user privacy, which should be the basis, even if it cannot stimulate revenue growth. However, once user information is leaked through such programs, there is a risk that hundreds of millions of users will be compromised. Leaks, if misused by hackers, lead to unpredictable disasters for users, such as money or personal fraud. Today, society is in dire need of privacy and technology-based privacy measures, as confidentiality is a fundamental human right. Currently, the centralized financial system has significant shortcomings. Personal data is concentrated in centralized databases and is subject to sufficient risk of being compromised. There is a problem protecting users' personal data. In addition, there is the problem of anonymity of the parties to the transaction. Also a problem of the centralized financial world is the so-called “Matthew effect”. The aim of the work is to develop an improved solution model based on existing Blockchain technology protocols to solve the problems of the centralized financial system, namely the problems of personal data security and anonymity. The Blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. This paper provides statistics on personal data leaks. The Blockchain solution based on the Monero protocol was considered, which allows solve the outlined problems. To ensure anonymity and high performance, Ring Signature technology, Stealth Address technology, and Ring confidential transactions (RingCTs) technology were considered. In the future, based on these results, the structure of an anonymous, highly productive and extensible Blockchain-decentralized financial solution deployed within the Blockchain system should be developed and studied by authors. |
| publisher |
Інститут проблем реєстрації інформації НАН України |
| publishDate |
2022 |
| url |
http://drsp.ipri.kiev.ua/article/view/263077 |
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