Enhancing Financial Transactions using Blockchain Technology
Varadha Pally Vinay Reddy1, Nalakonda Sri Harshith Rao2, Kathi Guna Shekar Reddy3
1V.Vinay Reddy, CSE Department, MVSR Engineering College, Hyderabad, India.
2N.Sri Harshith Rao, CSE Department, MVSR Engineering College, Hyderabad, India.
3K.Guna Shekar Reddy, CSE Department, MVSR Engineering College, Hyderabad, India.
Manuscript received on January 05, 2020. | Revised Manuscript received on January 25, 2020. | Manuscript published on January 30, 2020. | PP: 4818-4823 | Volume-8 Issue-5, January 2020. | Retrieval Number: E5905018520/2020©BEIESP | DOI: 10.35940/ijrte.E5905.018520
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Blockchain technology is evolving in each area. Cryptocurrency is one of the prominent fields in which blockchain technology is used extensively. In conventional bank systems using fiat currencies such as Indian rupee, US dollar etc , there is a centralized authority like a bank which do the processing of transactions. Blockchain with its properties like decentralization, distributed, and immutability stands the way out from other transaction processing mechanisms. Moreover, with decentralization property in blockchain-based transactions makes that there is a peer-to-peer network in which one peer can able to transact with others in the network without relying on third party for validating the transactions. Instead, there are a group of miners who does the work of validation with the use of consensus protocols. The paper shows the use of blockchain technology in financial transactions with the help of tokens. The paper shows the creation of a simulated blockchain network and the transaction processing mechanism with the help of the creation of nodes. This paper shows the implementation of blockchain technology and it also shows the limitations and misconceptions involved in blockchain technology.
Keywords: Blockchain, Consensus protocols Cryptography, Cryptocurrency, Transparency.
Scope of the Article: Blockchain-enabled IoT Device and Data Security and Privacy.