Data Sharing and Traceability: Improving User Trust in Data Management within Open Banking and Beyond

Abstract

This paper identifies the declining trust in proper data handling throughout the past decades, reviews studies into User Trust, and explores existing frameworks that have been developed to secure, streamline, and make accessible the processes of receiving authenticated User consent, sharing User data, and expressing data usage and collection preferences. Together, these realizations illustrate the customer need, market understanding, and optimum mode of integration which will demand and enable the development of the OTrace Traceability Protocol. This protocol allows a User to track the sharing and usage of their personal data after it has been provided to, or collected by, an initial Data Provider that has explicitly received User consent. For the purpose of monitoring and auditing, the Data Provider and Data Recipient submit records to a Traceability Server to record initial User consent for data sharing as well as ensuing sharing and usage of the User's data. This specification introduces new standards for recording data sharing and usage as Traceability Records into a consent framework which builds off elements of the OAuth 2.0, PAR, PKCE, JWT, JWS, and TB protocols as well as the FAPI and FDX standards for financial data sharing.