Blockchain-based payment collection supervision system using pervasive Bitcoin digital wallet

Abstract

After years of tremendous development and research in digital currency, the most famous Bitcoin industry chain has been gradually completed including mining, exchange, currency exchange, ATM, pervasive digital wallet design and so on. Especially, its blockchain technology has become FinTech organizations' emerging business and research directions, also been applied in the interdisciplinary medical science, supply chain and Internet of things. Digitizing currency can solve many problems in physical currency, such as the rampant counterfeit banknotes. Thus, not only the transparency can be cost-effectively preserved in store's ledger, but also customer's rights and interests can be protected while using the digital wallet. For the government, the regulation and auditing of financial transaction can be made simpler and more convenient for tax collection issue. Digitized transaction details can be much easier to audit by any computing device than manually audit the conventional ledger books. Furthermore, to make merchandise store to use digitized currency much easier, in this paper, we propose and deploy a Bitcoin collection supervision system called BPCSS based on blockchain technology with cloud databases for customers and merchandise stores. The preliminary experimental results via the well-known pervasive digital wallet of Testnet Bitcoin demonstrate the proposed BPCSS can cost-effectively collect payment and supervise the transactions between customer and merchandise store running the implemented NFC-enabled Android Apps.