Integration of Blockchain and AI TRiSM in Banking Transactions

Authors

  • Achyuta Suresh Babu Associate professor, Dept. of CSE, Institute of Aeronautical Engineering, Dundigal, Hyderabad, India. Author
  • Kommula Viharika UG, Dept. of CSE, Institute of Aeronautical Engineering, Dundigal, Hyderabad, India. Author
  • Pemmaraju Gopinath Bharadwaj UG, Dept. of CSE, Institute of Aeronautical Engineering, Dundigal, Hyderabad, India. Author
  • A Vikram Naga Sai UG, Dept. of CSE, Institute of Aeronautical Engineering, Dundigal, Hyderabad, India. Author

DOI:

https://doi.org/10.47392/IRJASH.2024.040

Keywords:

Artificial Intelligence, AI TRiSM, Blockchain Technology, Decentralized Ledger, Financial Sector, Smart Contracts

Abstract

Blockchain technology and artificial intelligence (AI) combined with banking operations is a significant advancement for the financial sector, providing increased security, efficiency, and transparency. The issues faced by traditional banking systems, which mostly rely on manual procedures and centralized databases, are rising and include fraud, cyber risks, and operational inefficiencies. By establishing a safe, decentralized ledger that documents each transaction made via a decentralized network, blockchain technology solves these problems by guaranteeing data integrity and transparency and removing the dangers connected with a single point of failure. AI algorithms, on the other hand, automate transaction processes to optimize them and provide real-time transaction monitoring to identify and stop fraudulent activity before they do substantial harm. In addition, AI TRiSM (Trust, Risk, and Security Management) is presented as a vital framework to guarantee the ethical soundness, security, and dependability of AI systems in banking. This integration not only improves transaction security but also decreases human error, simplifies procedures, and eliminates them by utilizing smart contracts that carry out transactions according to predetermined criteria. This strategy lowers operating expenses, lessens the weaknesses of conventional banking systems, and greatly improves the overall effectiveness of banking operations and effectively handled together with blockchain technology by utilizing AI TRiSM. By combining these technologies, the suggested system offers a reliable and progressive response to the changing demands of the online financial environment, opening the door for a banking ecosystem that is safer and more effective.

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Published

2024-10-15