Cyber Security Intelligence and Ethereum Blockchain Technology For E-Commerce
Cyber Security Intelligence and Ethereum Blockchain Technology For E-Commerce
Cyber Security Intelligence and Ethereum Blockchain Technology For E-Commerce
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comfort. In the year of 2008 PRISM Pakistan Real-Time token generated by [21] initial transaction to measure security
Interbank Settlement System retained by State Bank of for personal details, fund transfer, account statement, amount
Pakistan which was deliberated to reconcile the large-value deposit and withdrawal, investment, managing cards and
payments. Whereas Retail Payment System (RPS) embrace the balance enquiry. The main contribution of this research
outmoded as well as present with dealing of both cheque and includes:
cash, these said mode of payments can be dealt for fund We conducted appraisal on numerous e-commerce websites
transfer. Communal payment methods like Digital cash [2] to analyze different payment methods offered on their
which required digital wallet from where cash is withdrawn in products delivery.
counter to any purchase instantly and the said method does not We improve detailed discussion on blockchain and its
need and personal identity. In addition with credit cards which corresponding technologies, like IPFS, smart contracts and
only work for pre-defined limits on payment. There holder may Ethereum.
purchase any of desired item. To deal such conditions ratio of Previously transaction was taking place physically where the
interest is also implicit on transactions for extension of time risk for fraud in ledger was high but blockchain technology
length, the limit is set to provide customers comfort for their deals such concern on ease where each information is stored
done transactions. Electronic fund transfer occurs between on blocks and these blocks are connected with eachother by
seller and buyer in terms of fund transfers where the client program. In addition S. Sakho et.al [6] depict a system
transaction take place with digits or number of series that grant customers to make transactions possible among
mentioned on cheques. These all transactions proceed under them, their entered information is stored in registers and
Automated Clearing House (ACH). Other payment methods banks can review all entered details, the proposed approach is
for E-commerce [19] like U.S postal service, American under consensus algorithm through which banks can save the
Express, Western Union, such methods can make payment amount instead of utilizing it. Researcher has emit bank
easy for receivers. transactions at easiest, fastest and cheaper way without
To indulge multiple third parties can be reason of risk with indunging third parties but keeping records in blckchain
failed transaction status in current payment system, hence the technology and the token can be used for destination tracing.
security element [20] is very essential for satisfaction of Security is always seen as basic requirement for any
customers and the loss of trust leading for customer organization. Cashless payments [4] like cards are reinstating
information and money shared among organization and the amount use in transactions and the ratio of using it is
customer can impact negative throughout. In addition, we can much higher than any debit and credit cards. Adoption of
fix these problems and improve our financial system such payment method is beneficial for society that’s why its
blockchain technology is quite trending for creating incremental ratio is between 70-100% with reference to debit
decentralized applications. To plant [19] trending technology and credit card they have range within 20%.Moreover today’s
will boost payment methods for any done transaction. In sight banks are offering major online services [6] these online
of Ethereum [8] which directs for creation of contracts at services take place among different account holders which
public network that each single entity can view transaction can held between domestic and international banking where
instead of concerned people. bank are linked without any involvement of third parties for
We discuss several payment systems used worldwide in the currencies and financial institutes. To improve data security,
light of blockchain technology, which carries different forms of user’s and transaction information blockchain is a new and
transactions in the form of secured blocks where each of top prior technology which directs [7] privacy building for
previous hash value is furthered in new block. decentralized payment system hence the proposed result like
Monero and Zerocash is oppressed for completely centralized
2. RELATED WORK anonymous payment such as money laundering activities. In
the time of blockchain technology many other researchers
2.1 E-commerce payments have put their contributions as [3] record keeping for
A. Yadav et.al. [3] propose the work for food court where they restaurants like menu and order placement. The blockchain
divided the menu list in different sections for the ease of technology is an arrangement of sequential records associated
customers where they can choose items of their choice, this with nodes. The study [1] and [14] suggested distributed
procedure will place orders in a cart and amount will be raised ledger database for durable record tracking within parties,
against such orders, here payments are made with generated however blockchain has an appealing consideration in
token with blockchain technology. the ordering system has different areas due to its uncommon structure. In addition [2]
division on three segments like money collector web app, active and protected payment used in education is proposed
shopkeeper web app and customer mobile app. The use of with crypto-asset for massive open online courses (MOOC)
blockchain technology is used to store transactions in the form environment where researcher has presented multi-party
of blocks over hash pointers. business model on permissioned blockchain, furthermore the
For attempted transaction. Zurich’s Falcon [6] private bank is concept of this blockchain technology is highly developed in
the first bank which offers crypto currency by blockchain asset terms of security and privacy, Today’s organizations and
management service for clients, our recommended system will institutes are more reliant for security purpose and blockchain
roof banking sector where role of banker will be replaced with technology is offering such features amongst all said areas.
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Mujeeb-ur-Rehman et al., International Journal of Emerging Trends in Engineering Research, 9(7), July 2021, 967 – 972
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Mujeeb-ur-Rehman et al., International Journal of Emerging Trends in Engineering Research, 9(7), July 2021, 967 – 972
5. SIMULATION AND RESULTS name, address and location. We designed secure e-payment
The results are carried in sequence diagrams where figure 4 model for e-commerce by using Blockchain technology. The
represents the complete cycle of payment within blockchain user’s information is protected by hash strings. We
technology where the role of each layer is clear like for client, presented the secure e-payment system for e-commerce
e-commerce, merchant, e-payment, and blockchain. The where user’s identity is protected through hashes. In
sequence diagram actually follows the flow of research area addition we can increase privacy by adding security level on
that we made in this paper. each transaction, and hide their shared personal details for
any product. The proposed system is well implicit in the area
of e-commerce where the number of users are rapid and their
input information is sensitive data. We assure a healthy
e-payment system to meet all the weaknesses of current
systems.
REFERENCES
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