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Volume 7, Issue 1, January – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165

Stack DApp based Distributed Ledger for

Decentralized Banking
Ankit Khandelwal#1, Madhav Narayan Singh #2
1
School of Computer Science and Engineering, Vellore Institute of Technology (VIT), Vellore, 632014, India
2
School of Computer Science and Engineering, Vellore Institute of Technology (VIT), Vellore, 632014, India

Abstract:- Blockchain is one of the IT industry's fastest- II. RELATED WORKS

growing technology niches. We chose to use blockchain
technology to develop a web application for our project. Cocco et al research .'s [3] This study examines the
We'll create a fully functional crypto-currency with full problems and opportunities of applying blockchain
stack functionality and blockchain logic. We are technology in the banking industry, providing food for
proposing a new improvement in which we will not use thought on the disruptive technology's potential. Blockchain
any database server at the backend. Instead, we'll use technology has the potential to improve the global financial
Redis to create a publisher/subscriber network that will infrastructure, allowing for more sustainable development
enable us to broadcast various messages and chain them and the use of more efficient methods than are currently
across the network. Every node in the network will have available.
a wallet, and they will make various transactions, which
will then be added to the blockchain to block, and then There is an actual performance of the Bitcoin system to
broadcasted to the rest of the chain This eliminates the understand the potential of blockchain technology to support
need for a database infrastructure to be created and the financial system, as well as highlighting its major
maintained. We will create a mining algorithm (proof of limitations, such as the significant energy consumption due to
work algorithm) for selecting blocks (collection of the high computing power required, and the high cost of
transactions) that will change its difficulty rate based on hardware.
the computational power present in the node to node
network, and for each block mined and successfully added In order to measure the efficiency of the Bitcoin system
to the chain will be rewarded with a reward in the form in its actual functioning, we established three quantities:
of our Cryptocurrency. "economic efficiency," "operational efficiency," and
"efficient service," and we assessed the electrical power and
Keywords:- Blockchain; Development; Cryptocurrency; hash rate of the Bitcoin network over time. The findings
Consensus; Proof Of Work (POW). indicate that by solving the shortcomings of the Bitcoin
system, and therefore of blockchain technology, we may be
I. INTRODUCTION able to manage financial processes more efficiently than we
can now.
One of the big issues facing the IT industry is
information security and fraud, and the introduction of Due to the influence of Bitcoin popularity and network
Blockchain has given rise to “hack proof” systems. To hack power consumption, the EE, which is defined as theratio of
a system that uses blockchain, the hacker must first hack more the value of bitcoins mined to the power consumption of 1
than half of all the systems that use the blockchain network, kWh, is very volatile. Second, the OE iscurrently increasing,
making hacking virtuallyimpossible. This will provide our showing that fees are becoming increasingly important to the
website with a level of confidence and protection that no Bitcoin system's long- term viability. The OE is defined as the
other genericwebsite can guarantee. ratio of the value of voluntary fees to the energy cost of a
transaction.Mining operations will be paid only until the total
The lack of a centralised database is also a plus. Data number of bitcoins in circulation hits 21 million.
storage is one of the most expensive components ofany IT
architecture, but it can be greatly reduced by using a Hassani et al research's [5] The most detailed evaluation
decentralised database. The REDIS has been used by us. of blockchain's impact on banking to date, summarising the
opportunities and difficulties from the perspective of bankers.
Server that assists us in providing a publisher and We also examine the potential influence of big data from
subscriber that assists us in broadcasting the transaction as blockchain on financial data analytics, as well as the growing
well as the newly modified chain through the nodal network. relevance of filtering and signal extraction in the banking
We have used a method to change the complexity based on industry. While there is evidence of a few banks adopting
the network's computing capacity. The transactions are blockchain technology in small groups or in isolation, there
checked by the miner network, and those miners have a local is a need for more research and development into several
Transactional pool where they can get a group of transactions aspects of banking with blockchain to overcome the
andcreate a block, which can then be added to the consensus challenges that are currently preventing its adoption in
chain and broadcasted as a newly modified chain, with the banking around the world, as well as how the consensus is
miner who found the block being rewarded. reached.

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Volume 7, Issue 1, January – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
[6] discovers improvements to KYC measures, decentralisation.
exchange velocities, and security, and cost decreases, brilliant
agreements, straightforwardness and the possibility to expand Blockchain applications have recently emerged that
the quantity of exchanges a bank can measure as the key extend far beyond their original application domains invirtual
chances. Conversely, we additionally discover arrangement currencies; for example, they are now crucial in industries
and working expenses, normalization prerequisites, such as domain registration, crowdfunding, prediction
steadiness of the cash, security (which is strangely both a markets, and even gambling. Second-generation blockchain
chance and challengein certain viewpoints), enactments and technologies enable not only the execution of basic
guidelines, and versatility to be the key difficulties looked by transactions, but also the computation of data on a network,
banksinvestigating embracing blockchain innovation in the where payments,for example, are conditional on the state of
cutting edge age. While the lion's share of these difficulties some internal or external variables (much the same way as
could be defeated through broad innovative work, the absence financial derivatives have a payout that is a function of an
of scholastic exploration based interest in this branch of underlying financial instrument). This is the foundation for
knowledge is of concern. It is normal that this audit can go ‘smart contract' technologies, which will be crucial building
about as a method for effectively distinguishing existing blocks for these new application areas, as we will see. As a
exploration holes for blockchain-ed large information in result of these second-generation technologies, third-party
banking and accordingly rouse more scholastics, scientists data ledgers (Devanbuet al. [4]), e-contracts/smart contracts
and brokers to dive into this branch of knowledge and and virtual contracts (Kosba et al. [9]), e-assets or remote
discover answers for the current difficulties while enhancing asset title transfers , and other applications.
the current chances. As a feature of the conversation
component, we additionally think about the significance of The launch of Bitcoin, a decentralised crypto-currency
separating and sign extraction methods to the financial area for the internet, is closely related to the creation of blockchain
in future. Utilizing genuine information for instance, we show technology. Nakamoto [12] suggested how a group of users
how the financial area could profit by information and could conduct safe peer-to-peer financial transactions,
investigation into separating and sign extraction in huge bypassing financial middlemen and lowering the cost of
amounts of information as it tries to embrace blockchain international payments. However, in doing so, Nakamoto
innovation and extend its tasks. established a structure known as the blockchain, as well as a
communication protocol, that essentially solved the
Coupling blockchain with the Internet of Things could Byzantine Generals' Problem and allowed the network to
give a vigorous, decentralized approach to deal with the attain consensus without knowing the identities of users or
quickly expanding number of organized gadgets. [7] states, trust relationships.
empowering dynamic reconfiguration of blockchain
boundaries could prompt a framework equipped for suffering [1] discover to estimate the usability of blockchain
evolving conditions. Survey blockchain plan as a cycle with technology by investigating behavioural elements that affect
adjustable viewpoints assists with examining what boundaries customers' intention towards blockchain-based
can be pickedto self-oversee in an independent framework. In cryptocurrency transactions. Given the complexity of the
this paper, we gave a less difficult point of view of blockchain technology, this study proposes a new integration model: The
plan components for a 173 IoT framework, specifically for the Technology Acceptance Model (TAM) together with new
obtaining of sensor information.Despite the fact that we still external variables regarding blockchain adoption
can't seem to completely investigate a strategy for key characteristics such as trust, regulatory support, social
dissemination for our framework, we have planned the influence, design, and experience. Surveys were conducted
structure we need to consolidate blockchain with IoT and the among international users to identify the impacts of these
cloud. Zarrin et al's research [19] looks into Blockchain's variables on their intention. The findings indicate two
ability to establish a stable and secure decentralised Internet powerful constructs (regulatory support and experience) that
model. A critical examination of recent Blockchain-based encourage customer's trust toward blockchain-based
approaches capable of decentralising the Internetof the future. applications. The surveyed people agreed significantly
With regards to contemporary Internet and Blockchain issues, feeling secure and they can trust the Blockchain-based
we identify and examine two research elements of Blockchain applications when it is regulated and ensured by the local
that have a high influence in implementing the decentralised government. Also, at a certain level of experience, users feel
Internet whilekeeping varied designs in mind. The first is the trusted using blockchain-based applications, the increases in
consensus algorithms, which are critical to the Blockchain's trust supported technology adoption. As such, governments
decentralisation. We highlight three important consensus and businesses can dedicate efforts to enhance customers’
algorithms, namely PoP, Paxos, and PoAH, as being better trust and ultimately promote better acceptance of blockchain
suitable for establishing consensus for such a large-scale technologyand its applications.
Blockchain-enabled Internet architecture. The second area
we looked into was Blockchain's compatibility with other The Bitcoin digital currency depends for its correctness
new Internet technologies, as well as its impact on those and stability on a combination of cryptography, distributed
technologies. Such new Internet technologies, when used in algorithms, and incentive driven behavior. We examine
conjunction with Blockchain, could help to overcome Bitcoin as a consensus game and determine that it relies on
Blockchain's known weaknesses, making it more separate consensus about the rules and about game state. An
streamlined, efficient, and appropriate for Internet important aspect of Bitcoin’s designis the mining mechanism,

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Volume 7, Issue 1, January – 2022 International Journal of Innovative Science and Research Technology
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in which participants expend resources on solving [13] The essential methodologies for finding
computational puzzles in order to collect rewards. This understanding are explained. A short relationship with
mechanism purportedly protects Bitcoin against certain unified systems has been done and its characteristics and
technical problems such as inconsistencies in the system’s deficiencies have been delineated. Also, its applications in
distributed log data structure. We consider the economics of various spaces are analyzed exhaustively. A diagram of at
Bitcoin mining, andwhether the Bitcoin protocol can survive present live applications in these spaces like bitcoin for
attacks, assuming that participants behave according to their advanced cash is made, and the work of blockchain in these
incentives. applications is analyzed. We moreover spread out its future
expansion and shortcomings including nonappearance of rule
[8]Discover the issues that have been raised in terms of and potential security deserts. This assessment is appropriate
privacy, security and risk. It is important that the right balance to both the amateur and instructed peruser, as the need,
is achieved between the rapid development of Blockchain fundamental things and the thought driving the advancement
technology and its legal stability, assuring thatthe legal and and the general applications and shows are discussed
regulatory dimensions do not hinder innovation in this space. exhaustively.
This paper identifies the technological and regulatory
dimensions related to Blockchain technology. It reviews the [14] This paper gives an outline of the idea of
basic concepts related to Blockchain technology and blockchain innovation and its capability to upset the universe
“distributed ledger technology”. They analyze the different of banking through working with worldwide cash settlement,
possible applications of Blockchain technology, especially as brilliant agreements, mechanized financial records and
it relates to financial markets. Finally, they addressed advanced resources. In such manner, it gives a concise outline
regulatory developments in the EU and the US as well as the of the center parts of this innovation, just as the second-age
legal challenges. The article concludes on the need for the contract-based turns of events. From that point we talk about
adoption of a regulatoryframework which is flexible enough central questions that should be considered in growing such
to encourage innovation while protecting consumers and end record based advances in a financial setting.
users.
[15] Bitcoin, Litecoin, Dogecoin, et al 'digital
[10] Bitcoin as a consensus game and determines that it currencies' have delighted in a fleeting ascent in prominence
relies on separate consensus about the rules and about game and use as a method of performing exchanges on the Internet
state. An important aspect of Bitcoin’s design is the mining and past. While acquiring market valuations of billions of
mechanism, in which participants expend resources on dollars and creating a lot of mainstream press in doing as such,
solving computational puzzles in order to collect rewards. little has been scholastically distributed on the Computer
This mechanism purportedly protects Bitcoin against certain Science/Information Systems (CS/IS) establishments of this
technical problems such as inconsistencies in the system’s marvels. This paper portrays these establishments. In doing
distributed log data structure. It considers the economics of as such, it is trusted that the achievement of the digital money
Bitcoin mining, and whether the Bitcoin protocol can survive installment frameworks can be utilized to exhibit how PC
attacks, assuming that participants behave according to their hypothesis can be incorporated into different controls with
incentives. It shows that there is a Nash equilibrium in which sensational outcomes. It covers the fundamental innovations
all players behave consistently with Bitcoin’s reference empowering blockchain innovation and digital currency. The
implementation, along with infinitely many equilibria in paper talks about the subject of cryptography and how it gives
which they behave otherwise. We also show how a motivated security, preparing power necessities and how the critical
adversary might be able to disrupt the Bitcoin system and thinking hash is made more enthusiastically dramatically and
“crash” the currency. how distributed organization truly alters the innovation by
making a hack-verification framework.
[11] The rise of cryptographic currency can be seen as
both an upset for the financial cycle (as the blockchain [16] Epitomes depicted in this incorporate an electronic
convention can be carried out in numerous areas outside the exchange administration organization (additionally alluded to
financial degree) and an advancement of the moneyrelated thus as a unified electronic exchange (CET) administration).
framework. In noting the introductive citation, the eventual As per an epitome, a monetary administration framework has
fate of digital forms of money will rely upontheir capacity to numerous CET sites for different dealers. All exchanges
keep their worth stable. As the hypothetical model previously through any CET site are executed and overseen by the
determined, cryptographic formsof money are more a danger monetary administration framework. Shippers may redo their
for the monetary dependability than a danger for the fate of sites to incorporate a marked look and feel.
national banks. Nonetheless, one of the significant parts of a
'perfect world' is to be unusual. Despite the fact that the The shipper sites are important for a CET administration
volume of digital currencies are minuscule and don't for which a client can enlist. Enlisted clients would thenbe able
challenge national banks these days, we ought not disparage to view and pay solicitations from any vendors having CET
the IT upset in the money related field. Perhaps the significant sites, regardless of whether buys were made on the web or
impacts of the digital currencies ought to be found external to disconnected. Clients indicate inclinations for the CET
the financial area attributable to the blockchain openings Service including picking existing client accounts from
offered in numerous areas which the monetary administration framework is to pay
solicitations in the interest of the client. This dispenses with

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the requirement for the client to open and finance a different are more satisfactory for arriving at agreement for such
installment account as in customary techniques. gigantic scope Blockchain-empowered design for Internet.
The second viewpoint that we examined is the consistency of
A framework, containing: at any rate one memory Blockchain with different arising Internet advances and the
putting away PC executable guidelines. The arrangement of effect of Blockchain on those advances. Such arising Internet
guarantee 1, wherein the installment contains one of (I) a advancements in mixes with Blockchain would assist with
money installment or (ii) a pre-loaded card installment.Less defeating Blockchain's set up blemishes in a manner to be
responsive Only for officials with through information on more streamlined, productive and material for Internet
blockchain. decentralization.

[17] Coupling blockchain with the Internet of Things A. Existing Model

could give a lively, decentralized way to deal with and The Current Banking Technology is a centralized
manage the rapidly growing number of coordinated system and it is the major drawback of this technology.It is
contraptions. Enabling unique reconfiguration of blockchain necessary to work with a third-party organization or with the
limits could provoke a system prepared for enduring central administrator. It means that the system works with an
advancing conditions. Study blockchain plan as a cycle with intermediary as a head and only responsible to make the
flexible perspectives helps with inspecting what limits can be decisions. Each system has the database and it is important to
picked to self-administer in an autonomous system. In this protect this database, because when the system is working
paper, we gave a less troublesome perspective of blockchain with thethird-party organizations, there is a hacking risk of
plan segments for a 173 IoT structure, explicitly for the the database or the data may turn up in the wrong hands. The
acquiring of sensor data. Regardless of the way that we process of database security might take a lot of time and
actually can't totally explore a system for key spread for our might cost a lot of money. If the system is centralized, it can
system, we have arranged the design we need to unite be changed or deleted, because the decision is made by one
blockchain with IoT and the cloud. person.

[18] Blockchain affects the present innovation by Moreover if the transaction is made the transaction is
upsetting the monetary business through usage of digital known to the third-party and that information if thethird party
formsof money utilizing decentralized control. This has been is not trusted than the information could be leaked and their
trailed by stretching out Blockchain to traverse a few different could be privacy breaches as well as the person doing a
enterprises and applications for its abilities in confirmation. transaction would not want anyone to know about a particular
With the latest thing of seeking after the decentralized transaction thus this is an issue which is faced by current
Internet, numerous techniques have been proposed to banking systems biggest challenges faced by these web
accomplish decentralization considering various parts of the applicationsare:
current Internet model going from foundation and  Security issues are prevalent as they are favourite targets
conventions to administrations and applications. This paper to attackers.
explores Blockchain's abilities to give a hearty and secure  Managed databases causes unreliability and breakdown
decentralized model for the Internet. The paper directs a basic issues
audit on late Blockchain-based techniques able for the  There are large transactions requiring database storage
decentralization of things to the Internet. We distinguish and costs.
examine two exploration parts of Blockchain that give a high  Maintenance costs are also very high
effect inunderstanding the decentralized Internet concerning  It is very hard for a user to trust an online system
current Internet and Blockchain challenges while keeping  Lack of 2 step verification causing transactional mistakes.
different plans in contemplation. The principal viewpoint is
 The reward systems require real money or absent reward
the agreement calculations that are essential parts for system.
decentralization of the Blockchain. We recognize three key
agreement calculations including PoP, Paxos, andPoAH that

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Volume 7, Issue 1, January – 2022 International Journal of Innovative Science and Research Technology
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B. Proposed Work

So, basically the entire application is composed of the  Public Key: This will act as the account number for the
following main components:- network the person can make atransaction using this as the
account number of the receiver and the sender.
 Block
 Have data, timestamp, lastHash, hash, nounce, difficulty.  Transaction
 Genesis: This is the starting Block for the chain with fixed  Transaction Id: A unique random Id is provided to every
hash Value as it is the start. transaction to ensure thevalidity.
 Mine Block: This will ensure a node to mine blocks to  Valid Transaction: This will check whether the
contribute to the chain. transaction is valid given the accountnumber and whether
 Adjust Difficulty: This will help to adjust the difficulty as the amount is present in the account.
per the computational power present inthe network.  Update: If the transaction is already there in the
transaction pool and more amount is transferred to the
 Wallet person then the value will be updated.
 Balance, keyPair, publicKey: This is necessary as the key  Reward Transaction: As the person which has used the
Generation of the wallet will ensureprivacy and provide computational power to add a block successfully in the
pseudo-anonymity to the user. current chain is to be rewarded with the miner Reward.
 Before releasing the transaction into the network the
transaction information is signed by thesender.  Transaction Pool
 Create Transaction: This will create the transaction with  Transaction Map: Local map unique to every node is
the appropriate checks likeamount available and validity created transactions
of the wallet.  Set Map: This will add a transaction with input and output

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info. and set the keyas the ID of the transaction.  Chain : Chain of thr blocks
 Existing Transaction: Will check whether this transaction  AddBlock: adding a new block to the chain(proof-of -
is already on theblock and needs to be cleared. work)
 Valid Transactions: This will check all the transactions in  Is Valid Chain: to check whether the chin is valid no
the pool whether theyare valid as per the key and the double spending attack
amount.  Replace Chain: replacing the chain if a longer valid chain
 Clear: This will clear the transaction from the broadcasted is there.
transaction.  Valid Transaction: check the validity of the transaction.
 Clear Transaction: remove the transaction from the local  Valid Transaction Data: here the data within the the
pool as they arealready existing transactions. transaction is seen

 Miner  Pubsub
 Blockchain: Need the currently broadcast chain to add  Channels: for chain, or policy changes
new blocks  Handle message in Channels: if policy is accepted or
 Wallet: If successfully added to the chain wallet is chain ois changed the message handler will inform the
required to give a miner reward. subscriber
 Pubsub: Broadcast channels created using redis which  Subscribe Channels: Will allow the nodes to join the
will allow to take the information of the chain newly network.
updated and bring any policy changes into the notice of  Broadcast Chain: Will broadcast the newly updated chain
the network nodes over the network
 Mine Transaction: Mine the transaction(verifying and  Broadcast Transaction: This will broadcast transactions to
validating) to add these in the localtransaction pool. the chain.

C. Workflow of the application

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III. RESULTS AND IMPLEMENTATION

A. Home Page
Here we can see that the anonymous user identity is maintained and we have assigned a unique public key tothe user.

B. View of Blockchain
Here we can view the blockchain along with the associated blocks so here we ensure the transparency in thesystem by making
the public key of the users and the transaction being added to the chain with their respective hash and previous hash value.

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C. Blockchain Transaction
Here the public key of the user and his available balance is shown. Users can navigate to therest of the pages via the home
page.

D. Transaction Pool and Mining

Here we have local Transaction Pool where all the miners have the valid transactions so far done(but not added tothe main
consensus chain) using this transaction data the miners are going to calculate the nonce and mine the block and after successful
mining these transactions will be cleared from their local transaction pool

The below figures will gave a better understanding on the procedure for block mining

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E. New node joining the network

As you can see the new node has joined the network and is allotted a public key and private key pair along with a starting
balance of 1000.

F. As the transaction are being broadcasted they can be visible in both the active node over the network

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G. Transaction being mined by localhost 3000 which resulted in clearing of transaction pool

H. The mined bock added to the local blockchain onto the system (along with miner’s award)
Here after the successful mining we can see that the miner is awarded with a miner reward this is tokeep them enthusiastic
about mining and also valuing their computation expense.

IV. PERFORMANCE ANALYSIS

S no Citation Benefits Proposed Work Benefits

1. Acceptance of Financial This paper intends to estimate the usability of In our proposed model we have ensured
Transactions using blockchain technology by investigating that the customer privacy is preserved
Blockchain Technology and behavioural elements that affect customers' as we have offered a key pair to the
Cryptocurrency: A Customer intention towards blockchain-based user so the user can use the public key
Perspective Approach by cryptocurrency transactions. to communicate with other nodes and
Hayder Albayati, Kyoung Kim, The findings indicate two powerful constructs the private key for digital signature and
Jae Jeung Rho.(2020) (regulatory support and experience) that verification of the node over the
encourage customer's trust toward blockchain- network, to ensure the trust of the user
based applications. The surveyed people agreed over our system.
significantly, feeling secure and they can trust
the Blockchain-based applications when it is
regulated and ensured by the local government.
Also, at a certain level of experience, users feel
trusted using blockchain-based applications, the
increases in trust supported technology adoption.
As such, governments and businesses can
dedicate efforts to enhance customers’ trust and
ultimately promote better acceptance of
blockchain technology and its application

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2. Antonopoulos, A.M., 2017. The report argues that Bitcoin will require the We considered the economics of
Mastering Bitcoin: emergence of governance structures, contrary to Bitcoin mining, and whether the Bitcoin
Programming the open the commonly held view in the Bitcoin protocol can survive attacks, assuming
blockchain, 2nd ed. O'Reilly community that the currency is ungovernable. that participants behave according to
Media, Sebastopol, CA. their incentives. Therefore, we
implemented the bitcoin concept in
establishment of Decentralized Banking
3. BlockChain Based Banking The proposed paper helps us to analyze The Bitcoin digital currency depends
Application Miss. Patil Snehal counteracting moneylaundering and financing of for its correctness and stability on a
A.1, Mr.Mohire Abhishek S.2, terrorism in the country and around the world combination of cryptography,
Miss. apart from it explanation of proof of stake and distributed algorithms, and incentive
Vibhute Aishwarya Ulhas3, we are also given a redumental undersatndng of driven behavior. We examined Bitcoin
Miss. Shaikh Rabana Sharif4, how consensus is made and mechanism is as a consensus game and determined
Miss. Mali Jyoti Ashok5 April explained that it relies on separate consensus
2019 about the rules and about game state.
4. Murem S. Sharpe (1987), Embodiments described herein include an Here to make our web application more
“System for centralized electronic transaction service network (also responsive for large users we have redis
processing of accounting and referred toherein as a centralized electronic server so the main reason for using this
payment functions.”, USA transaction (CET) service). server is that the entire data being
patientsAmmous, S., 2018. The Merchants may customize their web sites to processed using cache memory which
bitcoin standard: the include a branded look and feel. Registered deals with faster fetching of the data
decentralized alternative to customers can then view and pay invoices from hence results in better response and
central banking. John Wiley & any merchants having CET web sites, whether performance in case the load increases.
Sons, Hoboken, NJ. purchases were made online or offline. Here we have tried to make the
Customers specify preferences for the CET application as user friendly as possible
Service including choosing existing customer as the user in the home page will share
accounts from which the financial management the services and the user can choose
system is to pay invoices on behalf of the whichever service he/she wants.
customer. This eliminates the need for the
customer to open and fund a
separate payment account as in traditional
methods.
5. Hassani, H., Huang, X., & The proposed model provides evidence of Here the problem in the proposed
Silva, E. (2018). Banking with selected banks adopting blockchain technology model is scalability so we are
blockchain-ed big data. Journal in isolation or small groups. They found the addressing the scalability of the system
of Management Analytics, 5(4), need for extensive research and development into which will ultimately improve the
256-275 several aspects of banking with blockchain to reliability of our system.
overcome the challenges which are currently
hindering its adoption in banking across the
globe.
6. The paper studies the actual performance of the The key problem which can be
Cocco, L., Pinna, A., & Bitcoin system, also highlighting its major observed in the current blockchain
Marchesi, M. (2017). Banking limitations, such as the significant energy transaction based system is that the
on blockchain: Costs savings consumption due to the high computing power return transaction would result in
thanks to the blockchain required, and the high cost of hardware. generation of new public key which is
technology. Future internet, It also estimates the electrical power and the hash to be remembered by the user as well as
9(3), 25. rate of the Bitcoin network, over time. the ledger instead we are transferring
the amount to the same public key of
the user.
7. Cryptocurrencies: Core This paper describes the foundations such as The paper failed to discuss the topic of
Information Technology and cryptocurrencies have enjoyed a meteoric rise in cryptography and how it provides
Information System popularity and use as a way of performing security, processing power
Fundamentals Enabling transactions on the Internet and beyond . In requirements and how the problem
Currency Without Borders by doing so, it is hoped that the success of the solving hash is made harder
Anthony Serapiglia, Constance cryptocurrency payment systems can be used to exponentially and how peer-to-peer.We
Serapiglia and Joshua demonstrate how computer theory can be have incorporated these standard
McIntyre.(2015) integrated into other disciplines with dramatic metrics along with the ones mentioned
results. It covers the main in the paper to produce a new system.

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8. The blockchain revolution: An They analyze the different possible applications Through the deployed tactics of the
analysis of regulation and of Blockchain technology, especially as it relates cited paper, we have made use of
technology related to to financial markets. Finally, they addressed Blockchain to produce a system which
distributed ledger by Hossein regulatory developments in the EU and the US as provides anonymity to its users on a
Kakavand and Nicolette Kost well as the legal challenges. The article regulatory basis by providing a public
De Servers(2017) concludes on the need for the adoption of a key. We have taken measures
regulatory framework which is flexible enough to considered in developing such ledger-
encourage innovation while protecting based technologies in a banking
consumers and end users. context.
9. Understanding Modern This paper provides an overview of the core In our proposed model we have
Banking Ledgers through aspects of this technology, as well as the second- implemented the ledger-based
Blockchain Technologies: generation contract-based developments. From technology in a banking context for
Future of Transaction there we discuss key issues that must be safe,secure and anonymous
Processing and Smart Contracts considered in developing such ledger-based transactional processes.
on the Internet of Money by technologies in a banking context
Peters, G. W., & Panayi (2016)
10. The Economics of Bitcoin The paper examines Bitcoin as a consensus Using the unique and innovative idea
Mining, or Bitcoin in the game and determines that it relies on separate wehave tried to implement the same but
Presence of Adversaries by consensus about the rules and about game state. in practical sense we have used the
Joshua A. Kroll, Ian C. Davey, An important aspect of Bitcoin’s design is the nonce value which will be ultimate
and Edward W. Felten(2013) mining mechanism, in which participants deciding factor for rewarding the miner
expend resources on solving to be delivered on a here we have used the proof of work
best effort basis. Nodes can leave and rejoin the algorithm which allows users to find
network at will, accepting the proof-of-work out the nonce value using the CPU and
chain as proof of what happened while they were whichever user is the first to compute
gone. They vote with their CPU power, the nonce and addblock to the chain is
expressing their acceptance of valid blocks by rewarded
working on extending them and rejecting invalid
blocks by refusing to work on them. Any needed
rules and incentives can be enforced with these
computational puzzles in order to collect
rewards. This consensus mechanism purportedly
protects Bitcoin against certain technical
problems such as inconsistencies in the system’s
distributed log data structure. It considers the
economics of Bitcoin mining, and whether the
Bitcoin protocol can survive attacks, assuming
that participants behave according to their
incentives. It shows that there is a Nash
equilibrium in which all players behave
consistently with The greater part of our cash is
digitized as of now, regardless of
Bitcoin’s reference implementation, along with
infinitely many equilibria in which they behave
otherwise. We also show how a motivated
adversary might be able to disrupt the Bitcoin
system and “crash” the currency.
11. Nicolas BARBAROUX & The paper describes the eventual fate of digital Digital forms of money have become
Adrien LUTZ, University of forms of money will rely upon their capacity to more used in this era, so it becomes a
Saint-Etienne (France) keep their worth stable. As the hypothetical necessity toprocure and secure the
GATE Lyon-St Etienne, UMR model previously determined, cryptographic anonymity and sanctuary of individual
CNRS 5824:A forms of money are more a danger for the customers or transactors on a ledger-
Decentralized Banking System: monetary dependability than a danger for the based system. The proposed model
the 21st utopia fate of national banks provides a framework and backbone for
the same.

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ISSN No:-2456-2165
12. Nakamoto S. (2008) : Bitcoin: Proposed model of a peer-to-peer network using Understanding this paper has motivated
A Peer-to- Peer Electronic Cash proof-of- work to record a public history of us to develop a mechanism through
System. transactions that quickly becomes which we can adjust the difficulty as
computationally impractical for anattacker to per the computational power present
change if honest nodes control a majority of over the network to make our
CPU power has been introduced. The network is application more reliable. Apart from it,
robust in its unstructured simplicity. Nodes work wehave also thought of using the
all atwith little coordination. They do not need to mechanism tobroadcast to vote for the
be identified,since messages are not routed to changes in the blockchain
any particular place and only need to be
delivered on a best effort basis. Nodes can leave
and rejoin the network at will, accepting the
proof-of-work chain as proof of what happened
while they were gone. They vote with their CPU
power, expressing their acceptance of valid
blocks by working on extending them and
rejecting invalid blocks by refusing to work on
them. Any needed rules and incentives can be
enforced with this consensus
mechanism
Gupta S. Lauppe P. and An effective Fedcoin would make monetary The cited paper describes the dawn of
13. Ravishankar S.,Yale orders, credit card companies, and Bitcoin old, “Fed
University, 2017 FedCoin, a while changing the country's mechanism for Coins” leaving behind all paper works
blockchain backed Central money.This report presents a proof-of- idea of cash and cheques, be it money too.
Bank cryptocurrency national bank digital currency, and the Therefore our paper proposes such a
:FedCoin, a blockchain backed accompanying codebase reproduces clients model (”Decentralized Banking”)
Central Bank cryptocurrency making exchanges on digital media. which provides a framework or
backbone for exchange of Digital
Currencies.
14. L. Cocco, A. Pinna, M. Blockchain innovation has the probability to This paper has brought out the energy
Marchesi Banking on upgrade the worldwide financial infrastructure, loss in the computation for an
blockchain:Banking on enhancing the efficiency of current financial unsuccessful miner which could cost
blockchain: costs savings frameworks. This paper takes a gander at the him a lot and gradually it will lose
thanks to the blockchain difficulties and opportunities of executing interest in mining and would result in
technology Future Internet blockchain innovation across banking and loss of nodes over the network so to
capital business sectors. They considered that address we can use the energy from
mining equipment has developed over the long CPU to be adjusted in charing or in a
run, passing box CPU, GPU, FPGA, and ASIC. electric heater to utilize this residual
In particular, they thought about two of its energy thus preventing energy loss
highlights: the hash rate and the force utilization.
Utilizing two fitting curves, they ponder the
possibilities of this problematic innovation. The
registered the "best hash rate per $",R(t)and the
"best force utilization function", P(t).We defined
three amounts: "financial efficiency" (EE),
"operational efficiency" (OE), and "efficient
service" (SE).

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ISSN No:-2456-2165

V. FUTURE WORK AND CONTRIBUTION TO REFERENCES

DEVELOPMENT
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ACKNOWLEDGEMENT [14]. Peters, G. W., & Panayi, E. (2016). Understanding
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would like to thank our ever-lovingparents for their blessings Washington, DC: U.S. Patent and Trademark Office.
and our friends for their timely help and support.

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ISSN No:-2456-2165
[17]. Song, J. C., Demir, M. A., Prevost, J. J., & Rad, P.
(2018, June). Blockchain design for trusted
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(pp. 169-174). IEEE.
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