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Alani, Sameer
- Secured Financial Management System for Modern Digital Transactions Using Blockchain
Abstract Views :30 |
PDF Views:0
Authors
Affiliations
1 Department of Electronics and Communication Engineering, Sri Ramakrishna Engineering College, IN
2 Computer Center, The University of Anbar, IQ
1 Department of Electronics and Communication Engineering, Sri Ramakrishna Engineering College, IN
2 Computer Center, The University of Anbar, IQ
Source
ICTACT Journal on Soft Computing, Vol 13, No 4 (2023), Pagination: 3142-3146Abstract
Blockchain technology has revolutionized the way in which financial transactions are conducted. It has made possible secure financial management and digital transaction systems that are faster, more secure, and more reliable than traditional payment methods. Blockchain technology offers increased efficiency, trustworthiness and transparency to its users. The Blockchain works by creating a shared, distributed ledger of transactions. Each transaction is cryptographically secure and immutable, and all participating nodes have identical copies of the ledger. This ensures that transactions are traceable and secure, eliminating traditional problems such as double spending or fraudulent activities. Through the integration of Blockchain, the system provides transparency, prevents fraud, and ensures accountability. The research focuses on optimizing performance by reducing processing times and transaction costs, while maintaining scalability and flexibility. Additionally, the system facilitates auditing and compliance processes, while promoting financial inclusion by providing access to unbanked individuals. The proposed system’s contributions lie in its novel approach to secure financial management, utilizing Blockchain’s features to address the challenges of modern digital transactions.Keywords
Blockchain, Finance, Transactions, Management, Ledger, Payment, Banking.
References
- O. Akinradewo and I. Mthimunye, “Applications of Blockchain Technology in the Construction Industry”, Proceedings of Virtual Conferences on Creativity, Innovation and Entrepreneurship, and Human Factors in Communication of Design, pp. 275-282, 2021.
- M. Krichen and M. Almutiq, “Blockchain for Modern Applications: A Survey”, Sensors, Vol. 22, No. 14, pp. 5274-5281, 2022.
- H. Liu, A. Tolba and X. Zhang, “A Financial Management Platform based on the Integration of Blockchain and Supply Chain”, Sensors, Vol. 23, No. 3, pp. 1497-1502, 2023.
- F. Elghaish, D. Edwards and M. Shelbourn, “Financial Management of Construction Projects: Hyperledger Fabric and Chaincode Solutions”, Automation in Construction, Vol. 137, pp. 104185-104193, 2022.
- W. Viriyasitavat and V. Pungpapong, “Blockchain and Internet of Things for Modern Business Process in Digital Economy-The State of the Art”, IEEE Transactions on Computational Social Systems, Vol. 6, No. 6, pp. 1420-1432, 2019.
- M. Javaid and S. Khan, “A Review of Blockchain Technology Applications for Financial Services”, Bench Council Transactions on Benchmarks, Standards and Evaluations, Vol. 45, pp. 100073-100082, 2022.
- D. Bisht and B. Twala, “Imperative Role of Integrating Digitalization in the Firms Finance: A Technological Perspective”, Electronics, Vol. 11, No. 19, pp. 3252-3257, 2022.
- K. Yaeger and A. Costa, “Emerging Blockchain Technology Solutions for Modern Healthcare Infrastructure”, Journal of Scientific Innovation in Medicine, Vol. 2, No. 1, pp. 1-13, 2019.
- T.Y. Yeh and R. Kashef, “Trust-Based Collaborative Filtering Recommendation Systems on the Blockchain”, Advances in Internet of Things, Vol. 10, No. 4, pp. 37-56, 2020.
- A. Rot and B. Franczyk, “Digital Transformation of Public Administration through Blockchain Technology”, Towards Industry 4.0-Current Challenges in Information Systems, pp. 111-126, 2020.
- N.R. Mosteanu and A. Faccia, “Digital Systems and New Challenges of Financial Management-FinTech, XBRL, Blockchain and Cryptocurrencies”, Quality-Access to Success, Vol. 21, No. 174, pp. 159-166, 2020.
- S. Abdennadher and A. Alfalasi, “The Effects of Blockchain Technology on the Accounting and Assurance Profession in the UAE: An Exploratory Study”, Journal of Financial Reporting and Accounting, Vol. 20, No. 1, pp. 53-71, 2022.
- G. Sladic, D. Sladic and A. Radulovic, “A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia”, ISPRS International Journal of Geo-Information, Vol. 10, No. 1, pp. 35-46, 2021.
- J. Moradi and M. Shaneh, “Blockchain, A Sustainable Solution for Cybersecurity using Cryptocurrency for Financial Transactions in Smart Grids”, Proceedings of International Conference on Electrical Power Distribution, pp. 47-53, 2019.
- H. Susanto, N. Kusuma and I. Setiawan, “Securing Financial Inclusiveness Adoption of Blockchain FinTech Compliance”, Proceedings of International Conference on In FinTech Development for Financial Inclusiveness, pp. 168-196, 2022.
- J. Qu, “Blockchain in Medical Informatics”, Journal of Industrial Information Integration, Vol. 25, 100258-100267, 2022.
- Secured Financial Management System for Modern Digital Transactions Using Blockchain
Abstract Views :32 |
PDF Views:1
Authors
Affiliations
1 Department of Electronics and Communication Engineering, Sri Ramakrishna Engineering College, IN
2 Computer Center, The University of Anbar, IQ
1 Department of Electronics and Communication Engineering, Sri Ramakrishna Engineering College, IN
2 Computer Center, The University of Anbar, IQ
Source
ICTACT Journal on Soft Computing, Vol 14, No 1 (2023), Pagination: 3142-3146Abstract
Blockchain technology has revolutionized the way in which financial transactions are conducted. It has made possible secure financial management and digital transaction systems that are faster, more secure, and more reliable than traditional payment methods. Blockchain technology offers increased efficiency, trustworthiness and transparency to its users. The Blockchain works by creating a shared, distributed ledger of transactions. Each transaction is cryptographically secure and immutable, and all participating nodes have identical copies of the ledger. This ensures that transactions are traceable and secure, eliminating traditional problems such as double spending or fraudulent activities. Through the integration of Blockchain, the system provides transparency, prevents fraud, and ensures accountability. The research focuses on optimizing performance by reducing processing times and transaction costs, while maintaining scalability and flexibility. Additionally, the system facilitates auditing and compliance processes, while promoting financial inclusion by providing access to unbanked individuals. The proposed system’s contributions lie in its novel approach to secure financial management, utilizing Blockchain’s features to address the challenges of modern digital transactions.Keywords
Blockchain, Finance, Transactions, Management, Ledger, Payment, Banking.References
- O. Akinradewo and I. Mthimunye, “Applications of Blockchain Technology in the Construction Industry”, Proceedings of Virtual Conferences on Creativity, Innovation and Entrepreneurship, and Human Factors in Communication of Design, pp. 275-282, 2021.
- M. Krichen and M. Almutiq, “Blockchain for Modern Applications: A Survey”, Sensors, Vol. 22, No. 14, pp. 5274-5281, 2022.
- H. Liu, A. Tolba and X. Zhang, “A Financial Management Platform based on the Integration of Blockchain and Supply Chain”, Sensors, Vol. 23, No. 3, pp. 1497-1502, 2023.
- F. Elghaish, D. Edwards and M. Shelbourn, “Financial Management of Construction Projects: Hyperledger Fabric and Chaincode Solutions”, Automation in Construction, Vol. 137, pp. 104185-104193, 2022.
- W. Viriyasitavat and V. Pungpapong, “Blockchain and Internet of Things for Modern Business Process in Digital Economy-The State of the Art”, IEEE Transactions on Computational Social Systems, Vol. 6, No. 6, pp. 1420-1432, 2019.
- M. Javaid and S. Khan, “A Review of Blockchain Technology Applications for Financial Services”, Bench Council Transactions on Benchmarks, Standards and Evaluations, Vol. 45, pp. 100073-100082, 2022.
- D. Bisht and B. Twala, “Imperative Role of Integrating Digitalization in the Firms Finance: A Technological Perspective”, Electronics, Vol. 11, No. 19, pp. 3252-3257, 2022.
- K. Yaeger and A. Costa, “Emerging Blockchain Technology Solutions for Modern Healthcare Infrastructure”, Journal of Scientific Innovation in Medicine, Vol. 2, No. 1, pp. 1-13, 2019.
- T.Y. Yeh and R. Kashef, “Trust-Based Collaborative Filtering Recommendation Systems on the Blockchain”, Advances in Internet of Things, Vol. 10, No. 4, pp. 37-56, 2020.
- A. Rot and B. Franczyk, “Digital Transformation of Public Administration through Blockchain Technology”, Towards Industry 4.0-Current Challenges in Information Systems, pp. 111-126, 2020.
- N.R. Mosteanu and A. Faccia, “Digital Systems and New Challenges of Financial Management-FinTech, XBRL, Blockchain and Cryptocurrencies”, Quality-Access to Success, Vol. 21, No. 174, pp. 159-166, 2020.
- S. Abdennadher and A. Alfalasi, “The Effects of Blockchain Technology on the Accounting and Assurance Profession in the UAE: An Exploratory Study”, Journal of Financial Reporting and Accounting, Vol. 20, No. 1, pp. 53-71, 2022.
- G. Sladic, D. Sladic and A. Radulovic, “A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia”, ISPRS International Journal of Geo-Information, Vol. 10, No. 1, pp. 35-46, 2021.
- J. Moradi and M. Shaneh, “Blockchain, A Sustainable Solution for Cybersecurity using Cryptocurrency for Financial Transactions in Smart Grids”, Proceedings of International Conference on Electrical Power Distribution, pp. 47-53, 2019.
- H. Susanto, N. Kusuma and I. Setiawan, “Securing Financial Inclusiveness Adoption of Blockchain FinTech Compliance”, Proceedings of International Conference on In FinTech Development for Financial Inclusiveness, pp. 168-196, 2022.
- J. Qu, “Blockchain in Medical Informatics”, Journal of Industrial Information Integration, Vol. 25, 100258-100267, 2022.