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Title: :  DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY
PaperId: :  17318
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 8 Issue 3 2022
DUI:    16.0415/IJARIIE-17318
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Komal Gorakh PabaleAmrutvahini College of Engineering, Sangamner
Manoj Ashok WakchaureAmrutvahini College of Engineering, Sangamner

Abstract

Computer Engineering
Distributed Ledger, Blockchain, Database, Banking Sector, Traditional Bank, Cryptography, Transactions
The Blockchain is a technology that will allow transactions simply, safely, effectively, and also safely. This is a Very promising technology. It’s already in a lot of places. It can also solve any problem in the banking sector. This technology became famous after introducing the first cryptocurrency, which is known as bitcoin. Right now, there is a huge problem with banking, and the Blockchain can solve these problems. This paper will demonstrate transacting over a secure, blockchain-based network and therefore eliminate the need for intermediary entities. Blockchain is a decentralized ledger used to securely exchange digital currency, and perform deals and transactions. Each member of the network has access to the latest copy of the encrypted ledger so that they can validate a new transaction. The blockchain ledger is a collection of all Bitcoin transactions executed in the past. Basically, it's a distributed database which maintains a continuously growing tamper proof data structure blocks which holds batches of individual transactions. The completed blocks are added in a linear and chronological order. Each block contains a timestamp and information link which points to a previous block. Bitcoin is peer-to-peer permission-less network that allows every user to connect to the network and send new transaction to verify and create new blocks. Blockchain, also referred to as a distributed ledger technology, stores different transactions /operations during a chain of blocks in a very distributed manner while not having a trusted third-party. The Blockchain could be a chain of blocks each is being a storehouse that stores information pertaining to a transaction and links to the sooner block within the same trans-action. These connected blocks form a sequential chain providing a pathway of the essential transaction. There are many threats and frauds detected in industry. A centralized database is employed by banking industry which makes the attacker easy to urge access to data and this makes the system insecure. the dis-advantage of this centralized system may be reduced by reforming the system by implementing blockchain technology without using tokens. Blockchain uses decentralized architecture for storing and accessing data over the database. This reduces attacks on database hacked. Transactions done through the blockchain technology are verified by each block within the chain, which can make the transaction safer and help banking industry work faster. Proposed system aims at giving these functionalities in a very distributed banking industry using blockchain, which is able to be at par with this methodologies. It'll also concentrate on the restrictions while implementing blockchain and future scope.

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IJARIIE Komal Gorakh Pabale, and Manoj Ashok Wakchaure. "DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY" International Journal Of Advance Research And Innovative Ideas In Education Volume 8 Issue 3 2022 Page 3867-3878
MLA Komal Gorakh Pabale, and Manoj Ashok Wakchaure. "DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY." International Journal Of Advance Research And Innovative Ideas In Education 8.3(2022) : 3867-3878.
APA Komal Gorakh Pabale, & Manoj Ashok Wakchaure. (2022). DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY. International Journal Of Advance Research And Innovative Ideas In Education, 8(3), 3867-3878.
Chicago Komal Gorakh Pabale, and Manoj Ashok Wakchaure. "DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY." International Journal Of Advance Research And Innovative Ideas In Education 8, no. 3 (2022) : 3867-3878.
Oxford Komal Gorakh Pabale, and Manoj Ashok Wakchaure. 'DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY', International Journal Of Advance Research And Innovative Ideas In Education, vol. 8, no. 3, 2022, p. 3867-3878. Available from IJARIIE, https://ijariie.com/AdminUploadPdf/DISTRIBUTED_BANKING_SYSTEM_USING_BLOCKCHAIN_TECHNOLOGY_ijariie17318.pdf (Accessed : ).
Harvard Komal Gorakh Pabale, and Manoj Ashok Wakchaure. (2022) 'DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY', International Journal Of Advance Research And Innovative Ideas In Education, 8(3), pp. 3867-3878IJARIIE [Online]. Available at: https://ijariie.com/AdminUploadPdf/DISTRIBUTED_BANKING_SYSTEM_USING_BLOCKCHAIN_TECHNOLOGY_ijariie17318.pdf (Accessed : )
IEEE Komal Gorakh Pabale, and Manoj Ashok Wakchaure, "DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY," International Journal Of Advance Research And Innovative Ideas In Education, vol. 8, no. 3, pp. 3867-3878, May-Jun 2022. [Online]. Available: https://ijariie.com/AdminUploadPdf/DISTRIBUTED_BANKING_SYSTEM_USING_BLOCKCHAIN_TECHNOLOGY_ijariie17318.pdf [Accessed : ].
Turabian Komal Gorakh Pabale, and Manoj Ashok Wakchaure. "DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 8 number 3 ().
Vancouver Komal Gorakh Pabale, and Manoj Ashok Wakchaure. DISTRIBUTED BANKING SYSTEM USING BLOCKCHAIN TECHNOLOGY. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2022 [Cited : ]; 8(3) : 3867-3878. Available from: https://ijariie.com/AdminUploadPdf/DISTRIBUTED_BANKING_SYSTEM_USING_BLOCKCHAIN_TECHNOLOGY_ijariie17318.pdf
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