Apply the Internet of Things for Banking Cybersecurity: Utilize Real-Time Threat Detection and Blockchain Technology to Protect Interconnected Financial Ecosystems

Abstract

A growth in the popularity of interconnected banking systems that make use of the Internet of Things (IoT) has occurred as a result of the rise in the acceptance of digital financial services, which has become increasingly ubiquitous. The Internet of Things devices, despite the fact that they make banking operations more efficient and improve the experience for customers, also make them more vulnerable to hackers on the other hand. It is the case that this is the situation, despite the fact that these devices are advantageous to customers. The goal of this study is to investigate the Internet of Things (IoT) technology in order to determine whether or not it has the capability of enhancing the cybersecurity of financial institutions by means of the implementation of real-time threat detection and protection strategies that are based on blockchain technology: this is the purpose of this research. By deploying sensors that are connected to the Internet of Things in conjunction with analytics, it is feasible to perform continuous monitoring of the activity that occurs on the network, the patterns of transactions, and the interactions that occur between devices. It is projected that as a result of this research, a decentralized security model that makes use of technologies such as the Internet of Things (IoT) and blockchain will be built. This is something that is anticipated to happen. The objective of this study is to ensure that all of these things are achievable in order to guarantee that the flow of data is as transparent as possible, that it is not subject to tampering, and that transaction records cannot be altered. This enables the solution to be implemented. This is accomplished through the use of the IoT. The distributed ledger is the component of blockchain technology that is responsible for guaranteeing that audit trails and transaction data are protected from unauthorized changes or fraudulent activity. This responsibility falls under the purview of the distributed ledger. A superior predictive analysis is produced as a result of the incorporation of algorithms based on artificial intelligence into the ecosystem of the Internet of Things.