A Study on the Impact of AI and Blockchain on Transparency and Security in Financial Services
Downloads
AI & Blockchain has led to a paradigm shift in making the financial sector more transparent & secure. Financial technologies have introduced a sense of security & transparency in the financial sector. Financial transactions have the benefit of a decentralized & immutable platform in the form of blockchain. The entire financial transaction is recorded in a decentralized ledger, which eliminates the chances of fraud. Contrary to this, AI algorithms analyze the financial data & provide an indication to the financial institutions to take note of suspicious activities. This research study explores the implications of the combination of AI & Blockchain in making the financial sector a transparent & secure platform. This research study also focuses on the implementation aspects & suggestions to make the best use of this technology in the financial sector.
O. Bouachir, M. Aloqaily, F. Karray, and A. Elsaddik, “Ai-based blockchain for the metaverse: Approaches and challenges,” in 2022 Fourth international conference on blockchain computing and applications (BCCA). IEEE, 2022, pp. 231–236.
A. G. Prawiyogi, M. Hammet, and A. Williams, “Visualization guides in the understanding of theoretical material in lectures,” International Journal of Cyber and IT Service Management, vol. 3, no. 1, pp. 54–60, 2023.
E. Badidi, “Edge ai and blockchain for smart sustainable cities: promise and potential,” Sustainability, vol. 14, no. 13, p. 7609, 2022.
Abdel-Rahman, M. (2023). Advanced cybersecurity measures in IT service operations and their crucial role in safeguarding enterprise data in a connected world. Eigenpub Review of Science and Technology, 7(1), 138-158.
Korteling, J. H., van de Boer-Visschedijk, G. C., Blankendaal, R. A., Boonekamp, R. C., & Eikelboom, A. R. (2021). Human-versus artificial intelligence. Frontiers in Artificial Intelligence, 4, 622364.
Girija, D. K., Rashmi, M., William, P., & Yogeesh, N. (2023, May). Framework for integrating the synergies of blockchain with AI and IoT for secure distributed systems. In International Conference on Data Analytics and Insights (pp. 257-267). Singapore: Springer Nature Singapore.
H. Y. N. Heri, “The effect of fragmentation as a moderation on the relationship between supply chain management and project performance,” ADI Journal on Recent Innovation, vol. 6, no. 1, pp. 90– 101, 2024.
P. Kumar, R. Kumar, A. N. Islam, S. Garg, G. Kaddoum, and Z. Han, “Distributed ai and blockchain for 6g-assisted terrestrial and non-terrestrial networks: Challenges and future directions,” IEEE Network, vol. 37, no. 2, pp. 70–77, 2023.
9.George, A. S. (2023). Securing the future of finance: how AI, Blockchain, and machine learning safeguard emerging Neobank technology against evolving cyber threats. Partners Universal Innovative Research Publication, 1(1), 54-66.
Odeyemi, O., Okoye, C. C., Ofodile, O. C., Adeoye, O. B., Addy, W. A., & Ajayi-Nifise, A. O. (2024). Integrating AI with blockchain for enhanced financial services security. Finance & Accounting Research Journal, 6(3), 271-287.
Q. Yang, Y. Zhao, H. Huang, Z. Xiong, J. Kang, and Z. Zheng, “Fusing blockchain and ai with metaverse: A survey,” IEEE Open Journal of the Computer Society, vol. 3, pp. 122–136, 2022.
T. K. Vashishth, V. Sharma, K. K. Sharma, B. Kumar, S. Chaudhary, and R. Panwar, “Intelligent resource allocation and optimization for industrial robotics using ai and blockchain,” in AI and blockchain
V. Melinda, T. Williams, J. Anderson, J. G. Davies, and C. Davis, “Enhancing waste-to-energy conversion efficiency and sustainability through advanced artificial intelligence integration,” International Transactions on Education Technology (ITEE), vol. 2, no. 2, pp. 183–192, 2024.
Z. Wang, M. Ogbodo, H. Huang, C. Qiu, M. Hisada, and A. B. Abdallah, “Aebis: Ai-enabled blockchainbased electric vehicle integration system for power management in smart grid platform,” IEEE Access, vol. 8, pp. 226 409–226 421, 2020.
Chalouat, I., Carrión-Crespo, C., & Licata, M. (2019). Law and practice on protecting whistleblowers in the public and financial services sectors. International Labour Organization, Working Papers, 1-62.
Adekanmbi, A.O., & Wolf, D. (2024). Solid Mineral Resources Extraction and Processing Using Innovative Technology in Nigeria. ATBU Journal of Science, Technology and Education, 12(1), 1-1 17. Jakubiec, W. (2020). Threats of identity theft in cyberspace-case study. Zeszyty Naukowe Wyż szej Szkoły Finansów i Prawa w Bielsku-Białej, 24(2), 10-14.
M. R. Anwar and L. D. Sakti, “Integrating artificial intelligence and environmental science for sustainable urban planning,” IAIC Transactions on Sustainable Digital Innovation (ITSDI), vol. 5, no. 2, pp. 179–191, 2024.
V. V. Vegesna, “Ai-enabled blockchain solutions for sustainable development, harnessing technological synergy towards a greener future,” International Journal of Sustainable Development Through AI, ML and IoT, vol. 2, no. 2, pp. 1–10, 2023.
X. Zhang, G. Min, T. Li, Z. Ma, X. Cao, and S. Wang, “Ai and blockchain empowered metaverse for web 3.0: Vision, architecture, and future directions,” IEEE Communications Magazine, vol. 61, no. 8, pp. 60–66, 2023.
Khan, S. N., Loukil, F., Ghedira-Guegan, C., Benkhelifa, E., & Bani-Hani, A. (2021). Blockchain smart contracts: Applications, challenges, and future trends. Peer-to-peer Networking and Applications, 14, 2901-2925.
Politou, E., Casino, F., Alepis, E., & Patsakis, C. (2019). Blockchain mutability: Challenges and proposed solutions. IEEE Transactions on Emerging Topics in Computing, 9(4), 1972-1986.
Adeleke, O.K., Segun, I.B., & Olaoye, A.I.C. (2019). Impact of internal control on fraud prevention in deposit money banks in Nigeria. Nigerian Studies in Economics and Management Sciences, 2(1), 42-51.
F. S. Putri, H. R. Ngemba, S. Hendra, and W. Wirdayanti, “Sistem layanan ujian psikotes sim menggunakan computer based test berbasis website: Sim psychological test service system using computer based test based on website,” Technomedia Journal, vol. 9, no. 1, pp. 92–104, 2024.
A. G. Prawiyogi, A. S. Anwar et al., “Perkembangan internet of things (iot) pada sektor energi: Sistematik literatur review,” Jurnal MENTARI: Manajemen, Pendidikan dan Teknologi Informasi, vol. 1, no. 2, pp. 187–197, 2023.
P. Nath, J. R. Mushahary, U. Roy, M. Brahma, and P. K. Singh, “Ai and blockchain-based source code vulnerability detection and prevention system for multiparty software development,” Computers and Electrical Engineering, vol. 106, p. 108607, 2023.
Martinez, D., Magdalena, L., & Savitri, A. N. (2024). AI and Blockchain Integration: Enhancing Security and Transparency in Financial Transactions. International Transactions on Artificial Intelligence (ITALIC), 3(1), 11–20. https://doi.org/10.33050/italic.v3i1.651
Olubusola Odeyemi, Chinwe Chinazo Okoye, Onyeka Chrisanctus Ofodile, Omotayo Bukola Adeoye, Wilhelmina Afua Addy, & Adeola Olusola Ajayi-Nifise. (2024). INTEGRATING AI WITH BLOCKCHAIN FOR ENHANCED FINANCIAL SERVICES SECURITY. Finance & Accounting Research Journal, 6(3), 271–287. https://doi.org/10.51594/farj.v6i3.855
Taherdoost, H. (2022). Blockchain Technology and Artificial Intelligence Together: A Critical Review on Applications. Applied Sciences, 12(24), 12948. https://doi.org/10.3390/app122412948
Khowaja, S.A.; Dev, K.; Qureshi, N.M.F.; Khuwaja, P.; Foschini, L. Toward industrial private AI: A two-tier framework for data and model security. IEEE Wirel. Commun. 2022, 29, 76–83.
