Ensuring Security and Efficiency in Digital Payments using Blockchain with NFC

Abstract

Bangladesh has recently adopted the worldwide trend of digitalization, namely in the area of financial activities. In Bangladesh, the centralized nature of digital payment systems poses notable obstacles, such as lengthy transaction procedures, vulnerability to fraudulent activities, and the potential for financial theft, despite their increasing popularity. In light of these concerns, our study presents an innovative remedy that utilizes the potential of blockchain technology, in conjunction with Near Field Communication (NFC) technology, to transform the field of electronic transactions. Our adoption of the proof-of-stake technique sets us apart from traditional hand-cash systems as well as the current centralized digital payment systems, providing enhanced efficiency and security. This connection facilitates fast, safe, and user-friendly transactions across several platforms, such as online and mobile applications, thereby greatly improving the digital wallet experience. Our decentralized system guarantees the integrity and immutability of every transaction while significantly decreasing transaction and maintenance expenses. This technique functions independently without any external intervention, fostering trust among users and strengthening the system against fraudulent activity. Our system is specifically designed for the high-volume transaction environment of Bangladesh’s digital economy. It has the capability to efficiently handle large transaction volumes while ensuring full security. This article elucidates the revolutionary capacity of our blockchain-powered system to promote a secure, streamlined, and inclusive digital payment ecosystem in Bangladesh, representing a crucial stride towards a technologically progressive financial landscape.