Abstract
Increasing list of records is with blockchain where each record is linked with the help of cryptography. Every block in the chain contains timestamp, transaction details and hash of a previous block, hash is cryptographic hash. This is a secured system, which we plan to replace the current online payment system. A current online payment gateway is prone to hackers where the attacker can tamper into the network, thus creating money loss. And not only this but also the transaction has to go through multiple payment systems which consumes time, also creating a risk of transaction getting failed. So, our system would be using blockchain that allows online transactions which would allow online payments to be sent directly from one party to another without going through a financial institution and in a secured way. This system allows online transactions between two parties based on cryptographic proof without relying and trusting for a third party. To record transactions, we use proof of work algorithm which makes computationally impractical for an attacker to change. Digital signatures provide part of the solution for ensuring the security and integrity of the data that is recorded onto a blockchain.
Highlights
A blockchain is a public ledger of information collected through a network that sits on top of the internet
Each block in the network containing the data is secured and connected to each other with the help of cryptography principles Data cannot be changed or altered once recorded in a block, making it impossible to do so without it being seen by the other participants on the network
In comparison to the normal network, the blockchain network is completely different having no central point that stores and controls information
Summary
A blockchain is a public ledger of information collected through a network that sits on top of the internet. The responsibility to look after the network and store information is shared by different devices, known as peers, on that network This is why a blockchain network is known as a peer-to-peer network. Integrity of the data is ensured using digital signature, which is the main aspect of data recorded in blockchain Genesis block is the first block of blockchain, contains its transactions that, when combined and validated, produce a unique hash. This hash and all the new transactions that are being processed are used as input to create a unique hash that is used in the block in the chain.
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