Vijayakumar, K.
Secured financial management system for modern digital transactions using blockchain - Vol.14(1), Oct - Chennai ICT Academy 2023 - 3142-3146p.
Blockchain technology has revolutionized the way in which financial
transactions are conducted. It has made possible secure financial
management and digital transaction systems that are faster, more
secure, and more reliable than traditional payment methods.
Blockchain technology offers increased efficiency, trustworthiness and
transparency to its users. The Blockchain works by creating a shared,
distributed ledger of transactions. Each transaction is
cryptographically secure and immutable, and all participating nodes
have identical copies of the ledger. This ensures that transactions are
traceable and secure, eliminating traditional problems such as double
spending or fraudulent activities. Through the integration of
Blockchain, the system provides transparency, prevents fraud, and
ensures accountability. The research focuses on optimizing
performance by reducing processing times and transaction costs, while
maintaining scalability and flexibility. Additionally, the system
facilitates auditing and compliance processes, while promoting
financial inclusion by providing access to unbanked individuals. The
proposed system’s contributions lie in its novel approach to secure
financial management, utilizing Blockchain’s features to address the
challenges of modern digital transactions.
Computer Engineering
Secured financial management system for modern digital transactions using blockchain - Vol.14(1), Oct - Chennai ICT Academy 2023 - 3142-3146p.
Blockchain technology has revolutionized the way in which financial
transactions are conducted. It has made possible secure financial
management and digital transaction systems that are faster, more
secure, and more reliable than traditional payment methods.
Blockchain technology offers increased efficiency, trustworthiness and
transparency to its users. The Blockchain works by creating a shared,
distributed ledger of transactions. Each transaction is
cryptographically secure and immutable, and all participating nodes
have identical copies of the ledger. This ensures that transactions are
traceable and secure, eliminating traditional problems such as double
spending or fraudulent activities. Through the integration of
Blockchain, the system provides transparency, prevents fraud, and
ensures accountability. The research focuses on optimizing
performance by reducing processing times and transaction costs, while
maintaining scalability and flexibility. Additionally, the system
facilitates auditing and compliance processes, while promoting
financial inclusion by providing access to unbanked individuals. The
proposed system’s contributions lie in its novel approach to secure
financial management, utilizing Blockchain’s features to address the
challenges of modern digital transactions.
Computer Engineering