This paper is published in Volume-4, Issue-2, 2018
Area
Cybersecurity
Author
Nadeem Hassan
Co-authors
Ritwiz Kaustoob, Mridula Vatsa, Shreyash Gharod, Asha
Org/Univ
SRM Institute of Science and Technology, Chennai, Tamil Nadu, India
Pub. Date
10 April, 2018
Paper ID
V4I2-1633
Publisher
Keywords
Cybersecurity, Cryptography, Block chain, Banking system

Citationsacebook

IEEE
Nadeem Hassan, Ritwiz Kaustoob, Mridula Vatsa, Shreyash Gharod, Asha. Blockchain banking system, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Nadeem Hassan, Ritwiz Kaustoob, Mridula Vatsa, Shreyash Gharod, Asha (2018). Blockchain banking system. International Journal of Advance Research, Ideas and Innovations in Technology, 4(2) www.IJARIIT.com.

MLA
Nadeem Hassan, Ritwiz Kaustoob, Mridula Vatsa, Shreyash Gharod, Asha. "Blockchain banking system." International Journal of Advance Research, Ideas and Innovations in Technology 4.2 (2018). www.IJARIIT.com.

Abstract

The banking system in today’s world is open to threats of fraud and cyber-attacks. Since todays banking system is built on centralized databases, it is easy for an attacker to penetrate in any such database which will easily compromise all the information and data of the customers of the bank. This vulnerability of today’s banking system can be reduced by re-building the banking systems on top of block chain technology, which will remove the centralized database architecture and decentralize the data over the block chain, thus reducing the threat of database being hacked. Since the transactions over the block chain technology is verified by each and every nodes of the chain, it will make the transactions more and more secure thus making the overall banking system faster and secure.
Paper PDF