Cheque Truncation Mechanism Using Blockchain

Venkat Reddy Kumbam (Vignana Bharathi Institute of Technology, India), K. Kalaivani (Vignana Bharathi Institute of Technology, India), and M. Balakrishna (Vignana Bharathi Institute of Technology, India)
Copyright: © 2024 |Pages: 212
EISBN13: 9798369330869|DOI: 10.4018/978-1-6684-9867-5.ch010
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Abstract

Cheque truncation system (CTS) is an image-based cheque-clearing framework. The semi-manual process has certain limitations and takes up to three working days to clear an inter-bank national cheque. Faced with the limitations of this system, cheque users and commercial banks need an efficient and secure system which can clear a cheque within less than 24 hours along with providing integrity and confidentiality to the system. All banks intending towards participating in this framework must connect towards the proposed blockchain-based system. A comprehensive framework among four primary phases—(1) paper check clearing process, (2) digital check issuing and clearing process, (3) check fraud detection process, and (4) check transaction security procedure—was presented as a solution.
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