Leveraging Management of Customers’ Consent Exploiting the Benefits of Blockchain Technology Towards Secure Data Sharing

AbstractOpen banking holds the potential of expanding traditional banking data flows, placing the customer at its core and in control of their banking data, including their personal information. Consent management enables the tracking, monitoring and managing the personal data lifecycle in a GDPR compliant manner, and improves customers’ control over their data, empowering them to manage their consent throughout its lifecycle. However, traditional technologies have failed to become a key enabler of trust, due to multiple security/data tampering incidents. This chapter introduces a blockchain-empowered Consent Management System (CMS). It aims at presenting the design and implementation of a robust CMS, enabling the sharing of customers’ consent, thus facilitating the exchange and the utilization of customer data, across different banking institutions. The proposed CMS implementation will enable the financial institutions to effectively manage and share their customers’ consents in a transparent and unambiguous manner, ensuring compliance to PSD2 and GDRP, while lowering the barriers of secure data sharing.