Block Chain Architecture in Financial System for Integrity, Transparency, and Trust-Free Transaction

Abstract

In previous studies of bit coin it is notified with an objective and mission and vision that a new decentralized economic system termed as Bitcoin. The financial institutions are not included in the solely peer-to-peer electronic cash transactions and would allow online payments to be sent directly from one customer to another customer. The version was practically implemented by the concept of the bit coin, which is a practical real-time study of decentralized autonomous organization (DAO) automatically driven with full-proof transparency, integrity, and decentralization. Decentralization means it is executed in peer-to-peer transactions including nodes in the network for users, and it is fully transparent because the network is open in public domain. All these characteristics taken together are the milestones of trust-free transactions systems.