Reliable blockchain-based ring signature protocol for online financial transactions

The rise of Industry 5.0 has led to a smarter and more digital way of doing business, but with it comes the issue of user privacy and security. Only when privacy and security issues are addressed, will users be able to transact online with greater peace of mind. Thus, to address the security and privacy problems associated with industry blockchain technology, we propose a privacy protection scheme for online financial transactions based on verifiable ring signatures and blockchain by comparing and combining the unconditional anonymity provided by ring signatures with the high integrity provided by blockchain technology. Firstly, we present an algorithm for verifying ring signature based on distributed key generation, which can ensure the integrity of transaction data. Secondly, by using the block chain technique, we choose the proxy node to send the plaintext message into the block chain, and guarantee the security of the asset transaction. On this basis, the designed scheme is subjected to a security analysis to verify that it is completely anonymous, verifiable and unerasable. The protection of user privacy can be achieved while enabling online transactions. Finally, it is shown that the proposed method is more effective and practical than other similar solutions in performance assessment and simulation. It is proved that the scheme is a safe and efficient online financial transaction ring signature scheme.