Blockchain Wallet for Secure Transactions

Abstract

A broad method to move money among a small group of peers who lend, pay off, and transfer money from one person to another via e-wallets is peer-to-peer money transfer in applications using blockchain architecture. As soon as it involves non-repudiation, security, transparency, and maintains user anonymity using homomorphic encryption, money transfer on the blockchain is unavoidable, and the distributed ledger's intrinsic tamper-proofness makes it more resilient and robust. All peer transactions are tracked in a distributed ledger that is homomorphically encrypted and kept in a real-time cloud database called Firebase. A bank is a type of financial entity that offers loans to its stakeholders and accepts deposits. A branch of banking called finance deals with settlement and regulates withdrawals and deposits. The financial process handles the handling of currency that is deposited as cash in a bank. Since we have entered the era of digital banking, where we can see various security flaws particular to payment gateways, where hackers steal money from credit or debit cards by redirecting the OTP to themselves, e-wallets have evolved into a conventional means of banking. Everything begins with a minimal sum, but the impact grows as the amount per transaction rises with each attempt. Another issue that has to be addressed at the moment is the SIM clone. Whether or whether you utilise internet banking, anybody may steal money from a user's account using SIM clone. The effectiveness of the banking system in handling transaction-related frauds by assuring authenticity through the adoption of a system powered by blockchain is discussed in this research study.