Conceptual Design and Implementation of FIDO2 compatible Smart Card for Decentralized Financial Transaction System

Abstract

With challenges and limitations associated with security in the fintech industry, the rise to the need for data protection increases. However, the current existing passwordless and password-based peer to peer transactions in online banking systems are vulnerable to advanced forms of digital attacks. The influx of modern data protection methods keeps better records of the transactions, but it still does not address the issue of authentication and account takeovers during transactions. To the address the mentioned issue, this paper proposes a novel and robust peer to peer transaction system which employs best cloud security practices, proper use of cryptography and trusted computing to mitigate common vulnerabilities. We will be implementing FIDO2 compatible Smart Card to securely authenticate the user using physical smart cards and store the records in the cloud which enables access control by allowing access only when an access is requested. The standard incorporates multiple layers of security on cloud computing models to ensure secrecy of the said data. Services of the standard adhere to regulations provides by the government and assures privacy to the information of the payee or the end-user. The whole system has been implemented in the Internet of Things scenario.