SMC protocol for privacy preserving in banking computations along with security analysis

The expansion of internet escalated banking to a new level and has raised tremendous opportunities of joint transactions in which multiple banks cooperatively conduct some computation. Such computations use confidential data of the involved banks to compute the result. As the concerned data is private for the owning organization, its security is prime concern. Privacy preservation concern rises as no party can be trusted enough to know all the inputs of computation. In this paper we have proposed a scalable and efficient protocol to perform secure multi-party computations on encrypted data. The process involves encrypting data in a manner that it does not affect the result of the computation. Virtual parties are created by all organizations and encrypted data is distributed among them. Modifier tokens are generated along encryption which are assigned to virtual parties, and finally used in the computation. The computation function uses the acquired data and modifier tokens to compute result. As the data involved in computation was encrypted, without revealing the data right result can be computed and privacy of the parties is maintained. The protocol is highly efficient in conducting banking computations. We have analyzed the security and complexity of protocol and shown how zero hacking security can be achieved. Also we have analyzed the performance through various tests.