Blockchain‐Powered Framework for Trust Enhancement in FinTech : A Comprehensive Trust Evaluation Approach

Abstract

ABSTRACT The rapid advancement of financial technology (FinTech) has led to the integration of advanced technologies like data science, blockchain, cloud computing, and artificial intelligence. However, trust evaluation remains a critical challenge in dynamic landscape. Existing trust evaluation methods often neglect key aspects of timeliness, reliability, and non‐invasiveness, leading to imprecise trust assessments and insufficient detection of malicious user behavior. This paper introduces a robust four‐layer architectural framework with the blockchain layer, edge computing service layer, cloud computing service layer, and terminal user application layer leveraging blockchain technology for authentication and trust evaluation. Blockchain technology transforms FinTech data into linked data, ensuring data security and decentralization during information transfers. A novel hybrid consensus protocol combining Proof of Elapsed Time (PoET) and Proof of Stake (PoS) is introduced to enhance the efficiency and security of the blockchain. Extensive simulation experiments have demonstrated significant improvements in data security, reliability, and accuracy of trust assessments compared to existing methods. This paper presents a comprehensive solution for enhancing trust evaluation in FinTech, emphasizing timeliness, reliability, and non‐invasiveness of assessments.