A Novel Decentralized Cryptographic Approach for Robust Authentication of Financial Digital Records Using Blockchain

Financial digital records have been a cause for concern due to the increasing cyber threats and data breaches. This research presents a decentralized cryptographic framework designed to address weaknesses in traditional centralized systems, such as single points of failure, unauthorized access, and risks of data tampering. The framework incorporates blockchain technology with hybrid encryption techniques using Advanced Encryption Standard (AES) and Data Encryption Standard (DES) for tamper-proof record storage, enhanced integrity of data, and robust user authentication. This research applies a systematic methodology to the efficiency assessment of the system using metrics such as execution time, latency, and throughput. The results indicate that encryption and decryption times are as low as 0.0361 ms and 0.011 ms, respectively, and thus better than the traditional methods. The immutable ledger of blockchain ensures transparency and decentralized data management, which means that records are secure, accessible, and verifiable by all stakeholders in the network. The findings of the study point out the trade-offs between high security, computational complexity, and processing latency due to the consensus mechanisms of blockchain. Double-layer encryption would help prevent unauthorized access and insider threats in a way that breaches of financial records cannot happen. Comparative analysis of the framework has been shown to efficiently encrypt and manage financial records with adequate security compared to existing methods. It closes significant gaps between scalability, and interoperability, hence leading the way for secure, digital financial ecosystems. The proposed solution would form a basis for future advancements in decentralized financial data security systems.