Enhancing Security Feature in Financial Transactions using Multichain Based Blockchain Technology

Abstract

Blockchain is one of the most emerging and buzzing technology of the fifth-generation computation with its wide implications in various sectors like Fin-Tech (Financial Technology), Medicare, Hospitality, Manufacturing, and various other sectors. Moreover, due to its decentralized framework, this technology is extensively used in Financial Transaction to preserve security, veracity and handling associated risks. Blockchain is also known as distributed ledger technologies (DLT) which practices the concepts of cryptography for securing data and provides unique signature, which in turn supports financial transactions to authorized users only, most importantly it helps in maintaining the integrity of transaction. Blockchain has distinctive potential for storing transaction records to avoid money laundering which helps in avoiding transaction breaches. The unique features of Blockchain like Proof of Work (Pow), Proof of Stake (PoS) facilitates in achieving secure transaction such as Defi (Decentralized Finance) has also been addressed. Blockchain utilize unique hash value in view of avoiding transaction redundancy. In this paper, proposed a decentralized framework of Blockchain in Financial Transaction with goal of providing end-to-end transaction with legitimacy of the users. The stupendous influence of Blockchain technology with respect to financial transaction has been focused such as Equity Market, Wealth Management, Payment and Remittances, Commercial Lending, and Insurance.