Authors:
Trevor Toy
and
Josef Langerman
Affiliation:
Academy of Computer Science and Software Engineering, University of Johannesburg, Auckland Park, Johannesburg, South Africa
Keyword(s):
Blockchain, Big Data, Open Banking, Data Markets, Transactional Data, Cloud Data, Data Analytics, Platform Design, Personal Data Management, Data Economy.
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 cons
umers 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.
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