BONIK: A Blockchain Empowered Chatbot for Financial Transactions

TL;DR

This paper introduces BONIK, a blockchain-based chatbot designed to enhance security in financial transactions by addressing authentication, data integrity, and transparency issues, and evaluates its performance and security benefits.

Contribution

The paper presents the design, architecture, and proof-of-concept of BONIK, a novel blockchain-enabled chatbot for secure financial transactions, addressing key security challenges.

Findings

BONIK improves security and privacy in financial chatbots.

The proof-of-concept demonstrates effective mitigation of security issues.

Performance evaluation shows acceptable efficiency for practical use.

Abstract

A Chatbot is a popular platform to enable users to interact with a software or website to gather information or execute actions in an automated fashion. In recent years, chatbots are being used for executing financial transactions, however, there are a number of security issues, such as secure authentication, data integrity, system availability and transparency, that must be carefully handled for their wide-scale adoption. Recently, the blockchain technology, with a number of security advantages, has emerged as one of the foundational technologies with the potential to disrupt a number of application domains, particularly in the financial sector. In this paper, we forward the idea of integrating a chatbot with blockchain technology in the view to improve the security issues in financial chatbots. More specifically, we present BONIK, a blockchain empowered chatbot for financial transactions, and discuss its architecture and design choices. Furthermore, we explore the developed Proof-of-Concept (PoC), evaluate its performance, analyse how different security and privacy issues are mitigated using BONIK.