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Arif Komara, Maulana
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Journal : Journal of Computer Science and Technology Application

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Leveraging Blockchain Technology to Strengthen Cybersecurity in Financial Transactions: A Comprehensive Analysis Yusuf, David Arian; Wahyudin Anugrah, Rio; Arif Komara, Maulana; Julianingsih, Dwi; Garcia, Emily
CORISINTA Vol 1 No 2 (2024): August
Publisher : Pandawan Sejahtera Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33050/corisinta.v1i2.33

Abstract

In the rapidly evolving digital landscape, financial transactions are increasingly vulnerable to cyber threats, necessitating advanced security measures beyond traditional methods like encryption and firewalls. This study explores the potential of blockchain technology as a robust framework for enhancing cybersecurity protocols in financial transactions. The primary objective is to assess how blockchain’s decentralized, transparent, and cryptographic features can mitigate risks such as fraud, unauthorized access, and data breaches. Employing a quantitative experimental design, the study simulated financial transactions on a blockchain platform and analyzed historical data on security breaches. The results indicate that blockchain technology significantly improves data security, with a 98\% effectiveness rate in preventing and detecting breaches. However, challenges such as scalability, regulatory compliance, and high energy consumption were also identified. The findings suggest that while blockchain holds considerable promise for securing financial transactions, further innovation is necessary to address its limitations and fully leverage its capabilities in the financial sector.
Co-Authors Garcia, Emily Julianingsih, Dwi Wahyudin Anugrah, Rio Yusuf, David Arian