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DESIGN AND IMPLEMENTATION OF AN ORGANIZATION FINANCE TRACKING SYSTEM USING BLOCKCHAIN TECHNOLOGY
ABSTRACT
The purpose of this project was to come up with an application that will use block chain technology to monitor online financial transactions. Blockchain Technology makes use of blocks with cryptography to ensure a secure and reliable system. In order to track online financial 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.
CHAPTER ONE
INTRODUCTION
- Background
In recent years, the use of different channels for banking and financial services has changed the whole way bank customers and their banks interact. With the increasing popularity of the internet, more and more industries are seeking ways to utilize this popular medium in an effort to keep up with the changing technological preferences of their customers. The possibilities of the internet are seemingly endless and the banking industry has decided that it will not be left behind. While most people have at least heard of online banking, the majority of them have probably not tried it yet. Maybe it’s because we find more comfort in working with real people and real paper when it comes to money matters rather than performing transactions in the seemingly impersonal universe of the World Wide Web. A number of authors and experts have defined e-banking services as a contemporary facility that provides conventional bank products and services through a new medium.
It is entirely automated facility based on IT delivery mechanism to conventional banking users’ products and services. It provides online medium of conducting and providing various banking services, such as, online accessibility of bank account, online fund transfer facility, online bills paying facility etc. According to Abu Shanab et al. (2010), internet has transformed the entire business pattern for people as well as for businesses. Although, technological advancements are happening everyday but not every advancement has been welcomed and adapted by financial sector; but financial sector that enjoying advantages of this new mode of service delivery, has adapted the e-banking phenomenon from its introduction only.
The blockchain technology has emerged as one of the advanced technologies used in carrying out online financial transactions. (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. Blockchain technology introduces digital immutable ledgers 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 application for tracking of financial transactions.
- Problem Statement
Most online financial transaction software relies on applications that make use of various database technologies. With the increased traffic of transactions, frauds such as card skimming, card theft, have increased excessively in recent years (Gichungu & Oloko, 2015). This particular problem is now affecting the new online 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 application for tracking of financial transactions in order to ensure Maximum financial security.
1.3 Aim of the Study
The general aim of this project is to create an organization Finance Tracking System Using blockchain Technology. The study intends to develop an application that will use blockchain technology to track financial transactions by enabling secure data storage in online transactions database and curb fraud.
1.4 Significance
The research will assist in developing an application that will be used by organizations (particularly 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 track their banking transactions and increase the feasibility to invest. The application will also assist aspiring banks to reduce the amount of security capital they require to invest to achieve maximum profitability without wastage.
1.5 Scope of the Study
The purpose of this research is to create an application using block chain technology that addresses information security as well as securely stores transactions in a blockchain. The proposed blockchain model was designed using python.
DESIGN AND IMPLEMENTATION OF AN ORGANIZATION FINANCE TRACKING SYSTEM USING BLOCKCHAIN TECHNOLOGY
