Online Secure Banking Authentication System using Blockchain Technology

Abstract

Blockchain is a distributed database or a decentralized ledger which is most commonly used to exchange digital currency and perform transactions securely. Every participant of the network has access to the ledger which will be updated by every new transaction. The Blockchain ledger is a collection of all transactions executed in the past. The Blockchain ledger is a continuously growing tamper-proof data structure containing blocks that hold batches of individual transactions. Blockchain via Bitcoin has had a massive impact on the world in the past decade and it’s safe to say that this will continue, especially with many people working tirelessly to remove the various limitations that are prohibiting blockchain’s from becoming mainstream. In this proposed system is a verification system that verifies the user to access the system only when they have the correct input credentials. The project involves user certificates i.e. Modules. There are many types of security credentials are available. So in this proposed system we implement custom blockchain for baking security and user authentication purpose. By using this level of authentications, there is less chance for hacking and loss of confidential data. Also in today’s scenario safer bank transactions is required, as the technology is improved in the field of security. They have also entered the fields like industry, medicine, telecommunication and home automation, etc. Finally, we develop a blockchain adoption framework and an adoption life cycle for banking. This study would be of interest to academics, bankers, regulators, investors, auditors and other stakeholders in financial markets.