Abstract
Abstract: Every day, we perform many transactions, some of which are recorded and some of which are not. Recorded transactions are those that have a physical record maintained, such as online transactions or bank loans. Unrecorded transactions are those that do not have a record maintained, such as most physical transactions. Unrecorded transactions are difficult to verify, which makes them susceptible to fraud. This paper proposes a solution for preventing fraud in physical unrecorded transactions by digitalizing their record using blockchain and developing a model of transaction which will secure the record of transaction and ensure that money is actually being transferred. This solution has a number of potential benefits, including reducing the number of victims of fraud, saving businesses money, and improving public trust in the financial system.
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