PPM: A Provenance-Provided Data Sharing Model for Open Banking via Blockchain

Open banking becomes more and more prevailing in Australia in recent years. It aims to make the users’ personal financial data mutually transfer and exchange across different banks in a secure way. The sensitive data in a financial area requires higher authentication and provenance for participants. In this paper, we propose a provenance-provided data sharing model (PPM) via blockchain to meet the requirements of open banking. The model employs the programmable smart contracts as the middle witness between users and third-party services, and provides the modifications on data layer (data content, transaction structure), smart contract layer (ACL, logic), and application layer (customized APIs). Based on that, our PPM model possesses the properties of transparent authentication, privacy-provided control, and auditable provenance. The analyses and discussion show that our model is a secure and achievable system in the face of open banking.