Blockchain-Based Framework for Managing Customer Consent in Open Banking

Customer consent is the most important aspect in open banking. How it can be made transparent and effective, lots of areas have already been explored and also explorations are in progress. Bringing transparency to customers and to the whole process is not very easy to achieve especially when multiple parties are involved and they are competitors to some extent in their areas of operations and service offerings to customers. Blockchain technology can be an enabler to bring in the transparency in the process and can help to get the trust of customers which is absolutely essential to make the whole idea of open banking effective. Consortium Blockchain will be best fitted to have maximum efficiency. Regulators need to bring all the interested parties under one framework which will track each and every attribute of customer data and provide the required transparency to customers. The framework provides details to the customer about the rating of banks or any other Third-Party providers on a real-time basis which helps customer to take an instant informed decision about providing or withdrawing consent.