Blockchain technology has revolutionized the way in which financial transactions are conducted. It has made possible secure financial management and digital transaction systems that are faster, more secure, and more reliable than traditional payment methods. Blockchain technology offers increased efficiency, trustworthiness and transparency to its users. The Blockchain works by creating a shared, distributed ledger of transactions. Each transaction is cryptographically secure and immutable, and all participating nodes have identical copies of the ledger. This ensures that transactions are traceable and secure, eliminating traditional problems such as double spending or fraudulent activities. Through the integration of Blockchain, the system provides transparency, prevents fraud, and ensures accountability. The research focuses on optimizing performance by reducing processing times and transaction costs, while maintaining scalability and flexibility. Additionally, the system facilitates auditing and compliance processes, while promoting financial inclusion by providing access to unbanked individuals. The proposed system’s contributions lie in its novel approach to secure financial management, utilizing Blockchain’s features to address the challenges of modern digital transactions.
K. Vijayakumar1, Sameer Alani2
Sri Ramakrishna Engineering College, India1, The University of Anbar, Iraq2
Blockchain, Finance, Transactions, Management, Ledger, Payment, Banking
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| Published By :
ICTACT
Published In :
ICTACT Journal on Soft Computing
( Volume: 14 , Issue: 1 , Pages: 3142 - 3146 )
Date of Publication :
October 2023
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