Abstract
This paper focuses on using blockchain technology to enhance efficiency and cost reduction in foreign transactions through the banking system. Blockchain provides crucial features such as immutability of records and decentralization, which is then used to carry out foreign transactions. This process could be a major change in the transactions carried out by removing middle banks during transactions thereby speeding up the process. This paper aims at designing an Ethereum decentralized Banking Application for foreign money transfer using blockchain technology. Smart Contract helps to eliminate middle banks in the process by acting on rules specified in the contract. Every participant needs to abide by these rules which make it trustworthy and maintain the authenticity of the process.
Highlights
This paper aims at proposing an Ethereum based decentralized Banking Application for money transfer using blockchain technology
Online banking is vulnerable to frauds such as phishing
These include credit card frauds where the fraudster uses the stolen credit card to make payments, signature forgery where the fraudster falsely replicates the signature of the other person to carry out transactions, etc
Summary
This paper aims at proposing an Ethereum based decentralized Banking Application for money transfer using blockchain technology. Some bank users do not prefer online baking as they perceive it as unsafe. Online banking is vulnerable to frauds such as phishing. The user hands over their password unexpectedly to the fraudster. Online banking is insecure for computer illiterates. Many frauds occur in traditional banking (Offline banking) too. These include credit card frauds where the fraudster uses the stolen credit card to make payments, signature forgery where the fraudster falsely replicates the signature of the other person to carry out transactions, etc
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