A BLOCKCHAIN IN BANKING APPLICATION
Journal Title: GJRA-Global Journal For Research Analysis - Year 2019, Vol 8, Issue 4
Abstract
Blockchain in banking application will provide a powerful tool for bank transaction using Blockchain technology, such as making transaction faster and transparent. This system will provide an efficient, reliable and user-friendly interface in banking and has no chance of losing data while processing user data i.e. customer account transactions using the secure hash algorithm (SHA-256). This application will provide a good user interface such that client have basic computer knowledge can operate the application. In addition to enabling trade in the banking sector, Blockchain store data using sophisticated math and innovative software rules that are extremely difficult for an attacker to manipulate. It eliminates errors and duplication. The Blockchain is ideal for transforming a host of a digital process by storing data in blocks and using a tamper-proof hash format. Tamper-proof is achieved by consensus protocol that is processed by which the block in the network validates by the hash function. Also, banks can improve the security of the stored identity using public key encryption, improve portability of data and reduce the time taken for a transaction.
Authors and Affiliations
Harsha Gandhi, Rupali More, Nainisha Patil
Keywords
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