Blockchain based Banking System Using Ethereum

Abstract

This paper proposes a novel blockchain-based advanced banking system that leverages the distributed ledger technology of Ethereum to create a secure, transparent, and efficient financial system. The system utilizes a permission blockchain network, where participants are pre-authorized to join and contribute to the network. This ensures the security and integrity of the system, while still allowing for a wider range of participants than a fully public blockchain network. The system works by first having a user initiate a transaction request. The system then verifies the user's identity and ensures the authenticity of the request. The transaction is entered into the blockchain ledger after it has been validated. This ensures that the transaction is immutable and transparent, as all participants in the network can view the transaction details. The system also includes a fraud detection mechanism that can detect any changes made to the transaction after it has been recorded on the blockchain. This helps to ensure the security of the system and protect users from fraudulent activity. The proposed system has the potential to revolutionize the banking industry by providing a more secure, transparent, and efficient way to conduct financial transactions. Keywords: blockchain, online banking, ethereum, ganache, hash, smart contract, blocks