Expeditious banking using Blockchain Technology

Abstract

Block chain has an interesting support of bit coin, the digital crypto currency with an ever increasing sphere of users worldwide. But, block chain in itself is much more than just bit coin, it is the new generation security system encapsulating processes in series of blocks to provide a secure way of recording transactions and it is circulated among signatories, or any target group being the participants in the process. It draws its appeal out of the fact that it achieves this without the need of any central authority. Current banking architecture is largely centralized and therefore vulnerable to load defaults and frauds like the PNB scam, Videocon case, Kingfisher scam and many more. Banking all over the world has adopted block chain technologies and it is the need of the hour for regulation and avoidance of such scams. Thus, we are using block chain technology for the decentralized working of banks and the complete removal of authoritarian interception. The model which we are proposing includes block chain encapsulated in the process of NEFT (National Electronic Fund Transfer) using IFSC (Indian Financial System Code) incorporating the protocols set down by RBI for secure and decentralized fund transfer. Our blocks will consist of the process computed in java micro services. The ledger will be interconnected within themselves using consensus algorithms.