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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 customized development solutions. The purpose of this project was to come up with an 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 is use 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 decentralized system that is more secure as opposed to the existing one that is central and is prone to security breaches. This blocks use hashing algorithm to identify each transaction securely. The network is a permissioned network hence only authorized nodes are allowed to process transactions.
BLOCKCHAIN BASED ADVANCED BANKING SOFTWARE SYSTEM
CHAPTER ONE
INTRODUCTION
1.1 Background
The blockchain technology has emerged as a vital mechanism for tamper-proof digital records and is fast becoming applicable in different industries. Poorni et al. (2020), described that blockchain is a decentralized communication and data management solution that is just budding and needs no trusted third party. Without recourse to a central authority, various parties can provably transact on the technology even though they do not trust themselves.
With the increased traffic of banking transactions, frauds such as card skimming, card theft, have increased excessively in recent years (Gichungu & Oloko, 2015). Fraud detection & prevention techniques include analysing of the spending patterns and behaviour of bank customers. This particular problem is now affecting the new agency banking channels affecting customer experience and business for bank agents alike. In banking, blockchain introduces digital immutable ledgers that that guarantee data integrity. Also blockchain stores this ledgers in peers or nodes that ensure availability. Coupled together with existing authentication techniques will ensure unauthorized access to the data stored in the blockchain is not permitted.
The blockchain, initially associated with virtual currency, has quickly gained prominence in different other areas of life. Without the need for a controlling entity, transactions can be initiated and validated on the blockchain. This features its unique selling point. To this end, studies have identified blockchain technology as possessing the potentials to address the problem of fraudulently banking transactions adequately. Hence, this study intends to develop a block chain based Advanced banking software.
- Problem Statement
Traditional database technology is also prone to various threats including, accidental losses, theft and fraud, loss of privacy and confidentiality, loss of data integrity and availability, Malware, Ransomware, brute force attack and stolen or unsecured backups. Banking software relies on applications that make use of various database technologies. With the increased traffic of agency banking transactions, frauds such as card skimming, card theft, have increased excessively in recent years (Gichungu & Oloko, 2015). Fraud detection & prevention techniques include analysing of the spending patterns and behaviour of bank customers. This particular problem is now affecting the new banking channels and indirectly affecting customer experience and business for banks and agents alike. As a result of the above problem, this study intends to develop a block chain based Advanced banking software.
1.3 Study Objectives
The general aim of this project is to create an advanced banking software using block chain technology. The specific objectives include:
- ) To investigate the problems associated with the current banking security
- To analyse how block chain can be implemented in banking and its security applications within the banking sector.
- To develop an application that will use block chain technology to secure data storage in banking database and curb fraud.
- To test the success of the proposed banking block chain application.
1.4 Research Questions
This research will answer the following investigative questions.
- What are the problems associated with banking security protocols?
- Can block chain technology be used to secure transaction in an banking database?
- How is the proposed block chain application to be tested?
1.5 Significant of the Study
The research will assist in developing an application that will be used by banks to transact on the banking platform securely using blockchain technology. There are many cases whereby there has been loss of customer account data and consequently has costed the organization heavy legal fees and fines. The proposed system will help in addressing such problems.
Also, aspiring banks will be able to use the application to secure their banking transactions and increase the feasibility to invest in banking. The application will also assist aspiring banks to reduce the amount of security capital they require to invest to achieve maximum profitability without wastage.
1.6 Scope and Limitation
The purpose of this research is to create an application using block chain technology that addresses information security as well as securely stores agency banking transactions in a blockchain. This will provide a minimum set of requirements that must be adhered to during the storage of agency banking related data.
BLOCKCHAIN BASED ADVANCED BANKING SOFTWARE SYSTEM
