Blockchain Based Transaction Management System

Abstract

Abstract: The technology that supports bitcoin, known as blockchain, is still in its development. Blockchain technology has the potential to improve existing corporate procedures to make them more collaborative, transparent, secure, and effective.. The banking sector is among the first to take advantage of this technology's disruptive potential. One of the most intricate bank payment systems in the entire globe is the Indian banking system. The current infrastructure that the Indian banking system uses is centralized and based on the real-time gross settlement system. This centralized architecture causes transactions to process slowly and result in wasting. Additionally, it costs a lot for security and recovery considerations. Systems for real-time gross contracts should indeed meet high expectations for speed, stability, and security. The primary objective is to develop a system that provides security, confidentiality, and a decentralized money lending mechanism rather than converting old system to the blockchain platform. Here, a novel strategy that encourages a decentralized system and services built on the Ethereum blockchain is progressed. The system enables a number of services using distributed ledger technology, including loan checking, money transfer, and money deposit, among others.