Blockchain Based UPI Technology for Secured Peer-to-Peer Cryptocurrency Transactions

Abstract

Today, the world is highly depended on Unified Payments Interface (UPI) system for all kind of financial transactions. Whether Banks or people, everyone relies on UPI transactions for personal or commercial purposes. Since it provides a simple interface with round the clock availability, the financial activities became easier and faster. But the security concerns are still there, for which continuous research processes are carried on all around the world. In the context of UPI system, the information security needs to be assured both during storage and transit. For providing security in information storage and data transfer, the best solution till now is Blockchain Technology enabled Smart Banking systems. The decentralized feature and use of smart contracts of Blockchain will help the transactions to be immutable, more secured and distributed. The usage of high degree cryptographic encryptions and usage of appropriate consensus algorithms can make the data purely tamper proof. This paper describes the features that should be possessed by a Blockchain technology enabled UPI system that will help to have high security for all the financial activities and transactions.