Abstract
A secure, non-corruptible, and distributed database technology working on the concept of hashing and decentralized networks. A blockchain is on peer-to-peer technologies, thus there is no chance of failure. So, when a transaction occurs between two nodes, it is stored in the form of a block using a cryptographic mechanism, which makes it extremely difficult for a third party to corrupt it. This cryptography mechanism is responsible for generating each hash based on the previous hash and recording it along with a nonce. Hence, this makes each transaction that resides in the block linked with the previous transaction. If any of the transactions are breached, all the other blocks on the network will immediately show the affected changes. The banking system in recent days is highly reliable on paper and outworn long processes. It is necessary to have an upgraded system integrated with consistent and trustworthy technology that could overcome fraud and security issues. Blockchain technology can give financial institutes the much-needed edge in technology. So, in this project, we are trying to secure the digital signature using SHA 256 encryption and perform a secure transaction over a decentralized banking network. We will be developing the based banking network so that all the sophisticated banks’s data is protected and does not reside over a central network. Instead, it gets stored in each node server of the distributed banking network.
Published Version
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