Blockchain Based Payment Method for Secure Transactions

Abstract

Abstract: Blockchain is a type of distributed ledger that sits on the internet for recording transaction and maintaining a permanent and verifiable record-set of information. Token was created to reduce the government's control over cross-border transactions and to speed up the transaction process by removing the need for third-party intermediaries, Blockchain, on the other hand, provides a secure environment that token needs for peer-to-peer transactions. In other words, blockchain acts as bitcoin's ledger and maintains all the transactions of token. Token has a high degree of anonymity. Though the transactions are visible, it is close to impossible to identify the user. It is the purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double spending or high security. We propose a solution to the double-spending problem