Secure banking transaction using Blockchain

Sundareswaran, N.; Sasirekha, S.; Shanmugapriya, T.; Paul, I. Joe Louis; Sharma, Sonal

doi:10.1063/5.0045780

Cited by 3 publications

(2 citation statements)

References 16 publications

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“…In (Sundareswaran et al, 2021), the researchers proposed an IoTbased system for securing blockchain systems, incorporating various techniques. This system includes a Radio Frequency Identification (RFID)-based mechanism for financial transactions, allowing only authorized users to access the collected data.…”

Section: Literature Reviewmentioning

confidence: 99%

Enhancing blockchain scalability with snake optimization algorithm: a novel approach

Taher,

Ameen,

Ahmed

2024

Front. Blockchain

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Scalability remains a critical challenge for blockchain technology, limiting its potential for widespread adoption in high-demand transactional systems. This paper proposes an innovative solution to this challenge by applying the Snake Optimization Algorithm (SOA) to a blockchain framework, aimed at enhancing transaction throughput and reducing latency. A thorough literature review contextualizes our work within the current state of blockchain scalability efforts. We introduce a methodology that integrates SOA into the transaction validation process of a blockchain network. The effectiveness of this approach is empirically evaluated by comparing transaction processing times before and after the implementation of SOA. The results show a substantial reduction in latency, with the optimized system achieving lower average transaction times across various transaction volumes. Notably, the latency for processing batches of 10 and 100 transactions decreased from 30.29 ms to 155.66 ms–0.42 ms and 0.37 ms, respectively, post optimization. These findings indicate that SOA is exceptionally efficient in batch transaction scenarios, presenting an inverse scalability behavior that defies typical system performance degradation with increased load. Our research contributes a significant advancement in blockchain scalability, with implications for the development of more efficient and adaptable blockchain systems suitable for high throughput enterprise applications.

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Section: Literature Reviewmentioning

confidence: 99%

Enhancing blockchain scalability with snake optimization algorithm: a novel approach

Taher,

Ameen,

Ahmed

2024

Front. Blockchain

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“…In [21] modified SHA256 algorithm was used to secure online transaction. In [22] they proposed SIM based verification system to secure from hackers. If someone tries to make any transaction its SIM number should be registered with that number.…”

Section: ) What Different Blockchain Techniques Are Used To Address E...mentioning

confidence: 99%

Application of Blockchain in E-banking Transactions

Farooq,

WASEEM

2021

VFAST trans. softw. eng.

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E-banking has now become a must need of every person. Cyber-attacks has been increasing daily and customer data and money are in danger. So, there must be a securable way of making transaction. In this SLR, we proposed blockchain to solve this issue because it is a fast, cheap, and secured way of making a transaction. Forty -one research paper were finalized and had been studied to conduct this SLR. To the best of our knowledge, there is no such SLR available which covers all the aspects of E-banking and blockchain. In this article, we have reviewed different article and showed the importance of using blockchain to secure transaction. Issues and challenges of E-banking sector has also been shown and how can they be removed by blockchain. Furthermore, we had shown already proposed models of blockchain in E-banking and shown which blockchain features can be implemented to secure transaction. Lastly, we have also shown issues and threats of e-banking.

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Scaling Up Security and Efficiency in Financial Transactions and Blockchain Systems

Saqib

AL-Talla

2023

JSAN

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Blockchain, the underlying technology powering the Bitcoin cryptocurrency, is a distributed ledger that creates a distributed consensus on a history of transactions. Cryptocurrency transaction verification takes substantially longer than it does for conventional digital payment systems. Despite blockchain’s appealing benefits, one of its main drawbacks is scalability. Designing a solution that delivers a quicker proof of work is one method for increasing scalability or the rate at which transactions are processed. In this paper, we suggest a solution based on parallel mining rather than solo mining to prevent more than two miners from contributing an equal amount of effort to solving a single block. Moreover, we propose the idea of automatically selecting the optimal manager over all miners by using the particle swarm optimization (PSO) algorithm. This process solves many problems of blockchain scalability and makes the system more scalable by decreasing the waiting time if the manager fails to respond. Additionally, the proposed model includes the process of a reward system and the distribution of work. In this work, we propose the particle swarm optimization proof of work (PSO-POW) model. Three scenarios have been tested including solo mining, parallel mining without using the PSO process, and parallel mining using the PSO process (PSO-POW model) to ensure the power and robustness of the proposed model. This model has been tested using a range of case situations by adjusting the difficulty level and the number of peers. It has been implemented in a test environment that has all the qualities required to perform proof of work for Bitcoin. A comparison between three different scenarios has been constructed against difficulty levels and the number of peers. Local experimental assessments were carried out, and the findings show that the suggested strategy is workable, solves the scalability problems, and enhances the overall performance of the blockchain network.

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Secure banking transaction using Blockchain

Cited by 3 publications

References 16 publications

Enhancing blockchain scalability with snake optimization algorithm: a novel approach

Enhancing blockchain scalability with snake optimization algorithm: a novel approach

Application of Blockchain in E-banking Transactions

Scaling Up Security and Efficiency in Financial Transactions and Blockchain Systems

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