The Analysis & Proposed Implementation of Blockchain technology in Record Security Management in the Bank Industry of Zambia

Bank record security management is vital to the financial security of every nation. It aims to safeguard residents' as well as government income, determines eligibility for social assistance, and has a substantial influence on a country's foreign relations, economy and reputation. Numerous efforts are now ongoing throughout the globe to increase and improve security in the financial industry, especially in developing nations where demand is highest. It is common knowledge that the qualities of blockchain technology promote efficiency, transparency, and confidence. Concerns over data security, the danger of cybercrime, and the efficacy of bank system security are growing, especially in nations like Zambia that are still developing. Even after years later, it seems the banks and Ministry of Finance are unable to verify and assure the country's money is 100% secure, even inside the banks, according to information acquired and based on several interviews about bank security, the existence of a firewall is where all faith lies. Even after registration, there is no guarantee that client information is entirely secure and inaccessible to unauthorized third parties. This raises concerns and dangers about deceit being possible. In Zambia's bank record security management, there have been instances of illegal data changes and more recently, a cybercrime-related data breach. Throughout the years, government and public monies have been misappropriated without any documents to indicate what transpired or what happened to the revenue, and who knows what else. If the institution's information system is made safer and more dependable, process verification problems may be resolved. This research has been engaged with the aim of developing model design that employs blockchain technology principles to enhance Zambia's Record Security Management in banks. The later section of this research has an inclusion of a summary of the various literature about blockchain technology and Bank Record Security Management that is relevant. It describes the standard registry, storage, and operations, as well as a general description of blockchain, including its characteristics and uses. It demonstrates that using blockchain technology might boost efficiency by decreasing human labour and paper processing, and by giving clear provenance that verifies the origin of products. It may be used in industries such as health, education, agriculture, real estate, Bank record Security Management, etc. It also proves that smart contracts have a vast future potential, and that Ethereum is one of the most suitable platforms for constructing distributed applications using smart contracts. To fulfil the objective of the research, it was important to investigate Zambia's Record Security Management procedures in order to uncover continuing problems related with unauthorized alterations and other reported concerns. The Bank Blockchain Adoption Framework guided the examination of process mapping, stages and data. The results allow us to break Bank RSM into three phases: registration, verification and lastly, storage. Using a flowchart process diagram, network architecture, use cases, and technological development diagrams, a full design solution is shown. This project in design science offers a blockchain-based application architecture that will enhance the existing Bank Record Security Management System. It is proposed that the blockchain network be used to share datasets between banks, other financial organizations, and other informatics under the Ministry of Home Affairs Security. On the other hand, a centralized server will be an operating node in the blockchain network that is where records will be stored digitally. The research built a novel registration method on the Ethereum blockchain on Binance Smart Chain using the React App client, which in this case is the NodeJS server's web interface. The architecture was used to assess a smart contract's verification implementation. The NodeJS Server uses the web3 library plugin to interface with the Ethereum client network. Bank Record Security Management based on blockchain technology may enhance the security and integrity of banks and nations. This study's contribution may be utilized for additional research in each of the aforementioned application areas to uncover potential benefits and drawbacks.