Blockchain-Based Banking System: Emulating Traditional Banking Operations on Ethereum with Real-Time Interest Accrual and Fixed Deposit Mechanism

Abstract

In order to leverage blockchain technology and replicate some of the essential functions of traditional banks, the paper presents a decentralized banking system that is currently operational on the Ethereum Sepolia testnet. Enrollment of users, safe deposit and withdrawal features, instantaneous money transfers, and a sophisticated fixed deposit mechanism with adjustable deadlines are all provided by this system. This project features a significant innovation in its real-time interest accrual function, which lets users earn and withdraw interest continuously with second-by-second rate updates. The decentralized, transparent, and safe nature of this banking experience is guaranteed. With an emphasis on how this system might upend established banking models, the paper addresses the system’s design, implementation, and performance evaluation.