Blockchain Based Advanced Banking

Software System
Abstract:
Blockchain Technology makes use of blocks with cryptography to ensure a secure and
reliable system. Blockchain Technology is rapidly finding use in government, Healthcare,
Industrial, Banking sectors. Get Latest Blockchain projects for Supply Chain, Healthcare,
Banking & Government Sectors with custom development solutions. The purpose of this
project was to come up with a banking application that will use block chain technology to
assist banks in curbing the vice of fraudulent transactions initiated by fraudulent cards. The
model works by replacing the current architecture it uses and replacing it with one that uses
block chain technology. In order to secure banking transactions, the transactions are stored in
an immutable ledger which are then chained together to form the block chain. The block
chain forms the database because it stores information in a digital ledger in data structures
referred to as blocks. In the model, every bank maintains a copy of this Ledger to form a
decentralised system that is more secure as opposed to the existing one that is central and is
prone to security breaches. These blocks use hashing algorithms to identify each transaction
securely. The network is a permissioned network hence only authorised nodes are allowed to
process transactions.

Existing System:
The banking system involves multi-layered functioning. This means that every transaction
has to pass through a couple of intermediaries. These intermediaries may be either front and
back offices of banks or even third parties. For instance, currency exchangers in cross-border
payments. The time required to execute each transaction is very long and leads to
dissatisfaction among the users.Accounting is an area in banking, which is relatively slow in
terms of digitization. The sole reason behind it is the necessity to match the regulatory
requirements associated with data integrity and validation. Trade finance is concerned with
all the financial activities of international trade and commerce. These activities still rely on
paperwork such as letters of credit and invoices. Though management systems conduct these
processes online, they consume a lot of time.

Proposed System:
All the executed bitcoin transactions are considered to be a public ledger in the
Blockchain technology. The records of transactions made in Bitcoin or other
crypto-currency are stored in blocks and maintained across all the computers that are
linkedina peer-to-peer network. A Blockchain is the “current '' part of a Blockchain
which records some or all of the recent transactions, and once completed, goes into
theBlockchain as a permanent database. Each time a new block is generated based on the
completion of each block. Blocks are linked together in a linear fashion where each block
contains a hash value of the previous block. In comparison with the traditional banking
systems, Blockchain keeps all the transaction histories. Chronological Bitcoin transactions
are entered in a Blockchain which is similar to the regular transaction in the bank.
Meanwhile, blocks are similar to individual bank statements. Blockchain keeps records of
everyEthereum based transaction ever executed. Thus, it provides a relationship on past
transactions that happened and also, generates values belonging to a particular address.

Software Tools:

1. VS Code
2. Python
3. Ganache
4. Truffle Suite
5. Solidity
6. Web3
7. Visual Studio with C++ Toolchain

Hardware Tools:

1. Laptop with Windows 11

2. RAM: 16GB
3. ROM: Min. 50GB
4. Internet Adapter: 100Mbps