Project Abstract

The report focuses on integrating blockchain technology in mobile wallets for peer-to-peer transactions while unravelling the issues or limitations identified in the current wallet-based online banking system. The idea is to enhance the security of online transactions using mobile wallets while retaining the ease of Internet banking and reducing the load on the banks, in terms of performance and expenses. We will incorporate blockchain technology for non-digital cash transactions through bank wallets, expanding the implementation of the already illustrated concept of blockchain in cryptocurrency wallets. This study also accentuates reducing the load on the banks (in terms of performance and expenses) by centralizing the validation entity instead of multiple banks assigning respective miners. This centralized miner will keep transaction-related details of all the banks streamlined for ease of access and reduction in time consumption.Potential challenges identified and mitigated while analyzing the blockchain approach were the increased size of the mobile application when integrating the full blockchain, which was mitigated by using Simple Payment Validation (SPV) which is a subset of the full blockchain that can be used for validation of the transactions, and increased load on the banks as they have to separately mine their databases to authenticate every transaction. This challenge was mitigated by introducing a centralized governance body for example NPCI(National Payment Co-operation of India) for India that keeps sufficient details to authenticate a transaction. By employing this centralized body, the banks need not provide access to their database but validate the transaction for authenticity.

Keywords: Cyber Security, Blockchain, Financial Institution

 Conference Details

Session: Presentation Stream 12 at Presentation Slot 7

Location: College 017 at Tuesday 7th 13:30 – 17:00

Markers: Scott Yang Yang, Ehinafa Akinola (GTA)

Course: MSc Cyber Security, Masters PG

Future Plans: I’m looking for work