Decentralized Distributed Blockchain Ledger for Financial Transaction Backup Data

Abstract

Due to the fact that financial data stands a great risk of attack, several schemes are being deployed to ensure security and integrity of financial data. In considering the security of the financial transaction data, it is essential to consider a network that ensure that processing nodes would have copies of the financial accounting ledger so as to prevent complete when a section of the network fails. In this article we propose an application of a blockchain to financial transaction data backup mechanism over a decentralized network. By using a decentralized distributed blockchain ledger, each node can have a copy of the transaction data such that, failure in one node does not engender a total failure in transaction data. The system have been described and simulated using the element of account ledger which consist of credit and debit transaction accompanied by timestamps and transaction ID. To secure this information in the chain each block contains in addition to the account ledger information a hash of the previous block as well as the hash of the current block.