Abstract
Blockchain technology has gained significant attention after the introduction of bitcoin in 2008. It is a decentralized ledger useful in exchanging digital currency. Blockchain is a continuous growing list of records known as blocks managed by a peer to peer distributed network. The records in the blocks of blockchain are immutable and permanent which is well needed in the bank transactions. Blockchain technology is a peer-to-peer distributed structure that could be used to overcome the issues in the traditional banking system. This paper will demonstrate how we can use blockchain in the banking sector so that the burden of the centralized database is transferred to a decentralized network. It will also demonstrate the different algorithms that are used for the system like RSA and Verhoeff algorithm to generate the keys and to verify the user respectively.
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