Abstract
Traditional transactions have several issues, like physical cash, for instance, boarding fake bank notes and also building stock to use money significantly less complex. In this digital marketing world, hackers are using many ways and techniques to scam money. The three most common online transaction frauds in India are scam using QR codes, UPI frauds, remote access/screen sharing frauds. Protection and privacy are the main anticipated features in the field of online transactions, which can be fulfilled by blockchain technology. This proposal is crucial as it is the first attempt to apply blockchain technology to payment services. In the proposed system, due to high level of fraud, blockchain technology is used. Hackers attack one block and change their address, and hence, transaction is blocked and amount will also be refunded using blockchain approach hashing algorithms. The main steps of blockchain used in the proposed system are transaction data, changing blocks with a hash, and creating signature (hash) using cryptographic hash function.
TopBlockchain Technology
Block chain also called as a distributed ledger, is a trustless, decentralized tamper proof and distributed traceable database management system used by multiple participants and also maintaining transaction of bitcoin ledger. It consists of a growing list of records called Blocks and these blocks are securely linked together using cryptography system. Each one of the blocks contains a hash (sigh) of the previous block, timestamp, and transaction data.
The time stamp proves that the transaction data existed when each block was created. Each block created has information about the previous block which in term form chain like linked list in data structure, with additional block linking to the one before it. Hench Block chain transaction is irreversible. Once recorded data in the block cannot be retroactively altered without change in all subsequent blocks. It is a peer-to-peer computer network. Nodes in the block chain keep replicas of the blocks containing the ordered set of modifying state of transaction and all nodes will agree with their transaction and order. Though block chain records are alterable, block chain forks are possible sometime, hence they are considered secure by design and an example of a distributed computing system. It was first developed for the process of bit coin crypto currency.
The more important platforms used in the blockchain are.
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Avalanche block chain platform: The fastest smart platform reviewed for the development of the new time to-finality platform.
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Cardanol block chain platform: The more efficient and low cost.
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Chain analysis block chain platform: Analyzed each block with transparency.
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Ethereum block chain platform: The best platform in the block chain
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Hyperledger Fabric block chain platform: Low cost and transparency.
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Hyperledger sawtooth block chain platform:
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IBM blockchain block chain platform: Used for IBM network.
Key Terms in this Chapter
Cryptography: Cryptography is a method of protecting information and communications through the use of codes, so that only those for whom the information is intended can read and process it.
Blockchain: A system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network.
Crypto Currency: A digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
Hashing: Hashing is the process of transforming any given key or a string of characters into another value.
Transaction: A Data record verified by block chain system, and it also serves as an immutable confirmation of financial transaction authenticity or its contract.
Decentralization: The transfer of control of an activity or organization to several local offices or authorities rather than one single one.
Encryption: The process of converting information or data into a code, especially to prevent unauthorized access.