Blockchain based Data Security for Financial Transaction System

Abstract

There is exponential growth in the Internet of Things (IoT) research but still it faces potential privacy and security challenges. For safe and secure transaction blockchain technology is the best-known for powering cryptocurrencies, for making secure and safe transactions from a person to another. Blockchain is a technology that is booming for a decade and many areas must go under improvisation despite its numerous advancements. The proposed system predominantly focuses on providing security to the blockchain system using various mechanisms. the proposed model consists of the financial transaction-based system which works on the RFID technology. The data obtained from the system can be only accessed by the clients who are authorized hence providing the first level of security by providing authentication to the valid client using M2M authentication. Once the user is authenticated, he can then have access to the transaction system. The transaction data that is stored in the local system is guarded by using blockchain technology by using hashing. The hash generated is again guarded by dividing and keeping the hash in two different places. Experiment results indicate that the application of various security mechanisms for the proposed scheme does indeed improve the privacy of the generated hash, authentication speed while also satisfying requirements of data security.