A Design Framework for a Blockchain-Based Open Market Platform of Enriched Card-Based Transactional Data for Big Data Analytics and Open Banking

Trevor Toy, Josef Langerman

2023

Abstract

Around a quarter of the world’s data is generated by financial institutions. The Capgemini 2022 World Payments Report predicts a 28% increase in transaction volumes from 2021 to 2026, to an estimated total of 2.122 trillion global non-cash transactions. There is a growing demand for accessible transactional data for analytical purposes and to support the rapid global adoption of Open Banking. Open banking is a collaborative business model involving customer-authorised transactional data sharing with other unaffiliated parties to allow for enhanced service and product offerings to the marketplace. This research explores utilising distributed ledger technology to facilitate the market mechanism of securely sharing data through an integrated and decentralised platform that conforms to the expected regulatory and compliance standards of the financial industry from which the data is generated. Scalable and accessible access is a core requirement of a marketplace platform for its data consumers and producers. To enable customer-authorised transactional data sharing, an incentive mechanism is proposed, which includes the data subject in the process to empower them to control access and earn money from the related transactional data that they generate. A proposed framework is defined for the development of a marketplace platform that can ultimately support the growth, prosperity and development of economies, businesses, communities and individuals, by providing accessible and relevant transactional data for big data analytics and open banking.

Paper Citation

in Harvard Style

Toy T. and Langerman J. (2023). A Design Framework for a Blockchain-Based Open Market Platform of Enriched Card-Based Transactional Data for Big Data Analytics and Open Banking. In Proceedings of the 12th International Conference on Data Science, Technology and Applications - Volume 1: DATA; ISBN 978-989-758-664-4, SciTePress, pages 583-589. DOI: 10.5220/0012143400003541

in Bibtex Style

@conference{data23,
author={Trevor Toy and Josef Langerman},
title={A Design Framework for a Blockchain-Based Open Market Platform of Enriched Card-Based Transactional Data for Big Data Analytics and Open Banking},
booktitle={Proceedings of the 12th International Conference on Data Science, Technology and Applications - Volume 1: DATA},
year={2023},
pages={583-589},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012143400003541},
isbn={978-989-758-664-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 12th International Conference on Data Science, Technology and Applications - Volume 1: DATA
TI - A Design Framework for a Blockchain-Based Open Market Platform of Enriched Card-Based Transactional Data for Big Data Analytics and Open Banking
SN - 978-989-758-664-4
AU - Toy T.
AU - Langerman J.
PY - 2023
SP - 583
EP - 589
DO - 10.5220/0012143400003541
PB - SciTePress