Simplifying Finance Applications Using Blockchain

  • R.Anand, Dhinakaran K, Abhyudaya.B, Milan Raj.S, Bennet Paul Micaiah.P

Abstract

The block chain is a powerful technology that enables Bitcoin and other virtual currencies. Bitcoin transaction is also known as a “public ledger” that contains data about how and when a transaction takes place. It is being recognized as the new technology that would reduce fraud in the financial world. Most of the banking systems in the world are built on a centralized database. This technology would get rid of some of the current crimes committed online today against financial institutions. It can facilitate some smart contracts as they facilitate storage of any digital information that can be executed by entering the keys. Block chain is a relatively new technology that has bought a dramatic change in the financial sector. It provides a high level of safety and security when it comes to exchanging data and information. The utility of Block chain does not require any financial transactions, it can be immediately validated, cleared and settled. Block chain controls a permanent record of activities. This significantly decreases the chance and the necessary for associated mitigating actions for various asset models.

Published
2020-05-15
How to Cite
R.Anand, Dhinakaran K, Abhyudaya.B, Milan Raj.S, Bennet Paul Micaiah.P. (2020). Simplifying Finance Applications Using Blockchain. International Journal of Advanced Science and Technology, 29(10s), 7457-7462. Retrieved from http://sersc.org/journals/index.php/IJAST/article/view/23729
Section
Articles