FinBlock: Secure and Fast Transaction Confirmation with High Throughput for FinTech Application

Abstract

Finance is the backbone of any organization or government. The government's financial health relies heavily on managing its FinTech applications. In the current FinTech system, user financial information is stored centrally. In the centralized system, the information security risks are high. Thus, a decentralized system is required for better security, trust and safety management in the FinTech information system. Blockchain is a decentralized technology that can solve the issues of traditional FinTech applications like banking. In the blockchain, consensus protocols are responsible for maintaining a consistent copy of the blockchain at each node of the blockchain network. However, these protocols are not suitable for regular currency transactions due to high latency and low throughput. Therefore, to achieve reliability, low latency, and high throughput, we have introduced a new protocol called FinBlock. In FinBlock, the pipeline concept is introduced in blockchain to increase the transaction throughput. Additionally, the number of message broadcasts is also reduced, which further improves the latency. Moreover, FinBlock achieves a speedup of 3 with respect to traditional practical byzantine fault tolerance (PBFT) consensus protocol. The result showed that FinBlock achieved better transaction processing time, transaction throughput, and message count than the traditional PBFT, even with hundreds of nodes in the network with reduced message complexity.