Enhancing Security and Privacy in Cloud Computing for Banking and Financial Accounting using Blockchain and Homomorphic Encryption

Abstract

As cloud computing provides scalable and effective data processing and storage facilities it has revolutionized the banking and financial accounting industries. There are more serious security and privacy issues caused by our greater reliance on cloud computing, especially concerning data breaches, unauthorized access and compliance with regulations. To advance data privacy, integrity and computation security without decryption this work introduces a converged security system based on the convergence of Blockchain technology and HE. Blockchain provides tamper-proof integrity using a distributed ledger while HE reduces the danger of exposure using secure financial computation on encrypted data. Smart contracts are used for automatic access control policies and an architecture of hybrid cryptographic key management is illustrated to ensure improved performance. Concerning the proposed approach in comparison to traditional encryption methods experiment-based evaluations indicate that it significantly boosts the detection of attacks achieving a 98 percent accuracy rate. The system also maximizes computing efficiency by reducing the overheads associated with encrypting and decrypting by 35 percent. Through edge computing, latency is minimized and real-time processing of transactions is enhanced. These findings indicate that the proposed Blockchain-HE hybrid model effectively enhances the security and privacy of cloud-based banking systems and it is a viable solution for financial institutions handling evolving cyber threats.