Hypothesis: With the expansion of cloud services, financial institutions that migrate to cloud services should mitigate risks by investing in a universal blockchain to prevent data loss due to attacks on the cloud service providers.

 

Proposal Outline

Introduction

• Blockchain technology for cloud storage: Sharma et al., 2020;
• Mitigate damages in cloud by DDoS attacks: Verma et al., 2021;
• Benefits of blockchain: Bhushan et al., 2021;
• Drawbacks or concerns of blockchain: Waheed et al., 2020.
• Research hypothesis

The benefits to a universal blockchain technology

• Why universal blockchain is necessary
  • Appelbaum & Nehmer, 2020;
  • Piper, 2019;
  • Goldsby & Hanisch, 2022;
  • Zook & Grote, 2020.

• How blockchain can prevent attacks
  • Arjun & Suprabha, 2020;
  • Zou et al., 2021;
  • Ahmad, & Bakht, 2019;
  • Mahalle et al., 2020.

• Improved security
  • Kumar et al., 2021;
  • Jouini et al., 2021;
  • Kalaiprasath et al., 2017;
  • Ritchie, 2019.

Methodology

• 2 financial institution’s IT departments (equal size of institutions and same cloud platform)
• Both  IT departments attend training on blockchain and cloud services
• Pretest both IT departments (knowledge and understanding)
• 1 group implements cloud services using blockchain, the other group maintains current cloud standard without blockchain
• Post-test to both IT departments

Discussion

• Potential future studies
  • Implementing in other financial institutions
  • Comparing transactions between 3^rd parties, or other financial institutions
  • Compare larger corporations
  • Federal reserve implications
• Strengths of blockchain technology and the benefits
• Weaknesses of blockchain, problems regarding implementation: How far away are we from a universal system?
• Understanding the outcomes
• How the future looks for financial services in the cloud world

References

Ahmad, I., & Bakht, H. (2019). Security challenges from abuse of cloud service threat. International Journal of Computing and Digital Systems, 8(1), 19+. https://doi.org/10.12785/ijcds/080103

Appelbaum, D., and Nehmer, R. A. (2020). Auditing cloud-based blockchain accounting systems. Journal of Information Systems 34 (2): 5–21. https://doi.org/10.2308/isys-52660

Arjun, R., & Suprabha, K. R. (2020). Innovation and challenges of blockchain in banking: A scientometric view. International Journal of Interactive Multimedia and Artificial Intelligence, 6(3), 7-14. https://doi.org/10.9781/ijimai.2020.03.004

Bhushan, B., Sahoo, C., Sinha, P., & Khamparia, A. (2021). Unification of blockchain and internet of things (BIoT): requirements, working model, challenges and future directions. Wireless Networks (10220038), 27(1), 55–90. https://doi.org/10.1007/s11276-020-02445-6

Goldsby, C., & Hanisch, M. (2022). The boon and bane of blockchain: Getting the governance right. California Management Review, 64(3), 141–168. https://doi.org/10.1177/00081256221080747

Jouini, M., Ben, A. R. L., & Khedri, R. (2021). A quantitative assessment of security risks based on a multifaceted classification approach. International Journal of Information Security 20 (4): 493–510. https://doi.org/10.1007/s10207-020-00515-6

Kalaiprasath, R., Elankavi, R., & Udayakumar, R. (2017). Cloud security and compliance – A semantic approach in end to end security. International Journal on Smart Sensing and Intelligent Systems, 10, 482-494. https://doi.org/10.21307/ijssis-2017-265

Kumar, A. S., Winster, S. G., & Ramesh, R. (2021). Efficient sensitivity orient blockchain encryption for improved data security in cloud. Concurrent Engineering, 29(3), 249–257. https://doi.org/10.1177/1063293X211008586

Mahalle, A., Yong, J., & Tao, X. (2020). ITIL process management to mitigate operations risk in cloud architecture infrastructure for banking and financial services industry. Web Intelligence (2405-6456), 1–10.  https://doi.org/10.3233/web-200444

Piper, A. (2019). Security in the cloud: The growing use and increased complexity of cloud computing is creating new challenges for internal auditors. Internal Auditor, 76(4), 20–25.

Ritchie, D. (2019). Capital one breach brings cloud security into focus. Global Finance, 33(8), 63.

Sharma, P., Jindal, R., & Borah, M. D. (2020). Blockchain technology for cloud storage: A systematic literature review. ACM Computing Surveys, 53(4), 89–89:32. https://doi.org/10.1145/3403954

Verma, P., Tapaswi, S., & Godfrey, W. W. (2021). A service governance and isolation based approach to mitigate internal collateral damages in cloud caused by DDoS attack. Wireless Networks (10220038), 27(4), 2529–2548. https://doi.org/10.1007/s11276-021-02604-3

Waheed, N., He, X., Ikram, M., Usman, M., & Hashmi, S. S. (2020). Security and privacy in IoT using machine learning and blockchain: Threats and countermeasures. ACM Computing Surveys, 53(6), 1–37. https://doi.org/10.1145/3417987

Zook, M., & Grote, M.H. (2020). Initial coin offerings: Linking technology and financialization. Environment and Planning A: Economy and Space, 52(8), 1560–1582. https://doi.org/10.1177/0308518X20954440

Zou, J., He, D., Zeadally, S., Kumar, N., Wang, H., & Choo, K.-K. R. (2021). Integrated blockchain and cloud computing systems: A systematic survey, solutions, and challenges. ACM Computing Surveys, 8, 1–36. https://doi.org/10.1145/3456628