Secured Ethereum Transactions using Smart Contracts & Solidity

Abstract

Today cryptocurrency, like Bitcoin, is gaining popularity in the middle people and we cannot deny its role in the global economy. Although cryptocurrency does not instead of fiat money in the near future, it will take a significant part of the market. Despite the fact that it has no special laws in many countries yet, there are already ways people can use cryptocurrency. While the crypto markets have been banned in China, Japan, on the contrary, officially allows people to pay differently services or goods via Bitcoin. Currently, there are a large number of different cryptocurrencies but this thesis describes a service that works with Ether (Eth) in its blockchain - Ethereum. In contrast Bitcoin, the Ethereum blockchain is not just a cryptocurrency support tool for it, it is a a powerful platform dedicated to a country that brings several development opportunities: new markets, loans, registrations and other resources. This makes Ethereum a good replacement by known payment methods. However, the current method of transmitting eth is still difficult for ordinary people and requires a certain technical background. This is one of the current issues for Ethereum platform. The process of creative creation is very complex moment; therefore, most people do not understand or are afraid to use it. That is slow reduces the process of eth integration in society and makes it less enjoyable to compare in standard payment systems. In addition, there is another important factor to consider - risk of loss of property. In order to create a job, the sender must know public address, 42- character long hexadecimal character unit, recipient. If any a error in any characters, money will be sent to the wrong address and can not to be downloaded. As the blockchain network has no centralized management in the system, there are no conditions that can help recover the lost money. The platform on which the service operates is called Ethereum. It can be defined as a a world-class powerful machine that uses different systems - smart contracts - using a custom blockchain. These applications work as planned and cannot checked, closed, rigged or interrupted. Created by Vitalik Buterin in 2015 an open source forum helps to streamline Blockchain (BC) technology process. integration. Therefore, it attracts interests from a variety of sources and major one’s companies such as Microsoft and IBM. The Ethereum platform can be used in a variety of business or financial sectors. It ensures security and prevents any intrusion into the system. Companies and services based on Ethereum they can do business with other companies and services that they do not knowing without the risk of fraud. Ethereum allows you to register any type of trade for any asset without the need to use trial. This makes it easier compared to current methods of trade registration