Transaction Tracking System
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Shubham KumarTransaction Tracking System
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Shubham KumarAbstract
Blockchain technology offers a transformative solution to many of the issues faced by
traditional financial systems, such as the need for intermediaries, lack of transparency,
and inefficiencies. This project creates a system for transferring money between
MetaMask wallets using Ethereum's blockchain. It uses a smart contract to store
important details about each transaction, such as who sent and received the money, how
much was sent, a message attached to the transaction, the time it happened, and a
keyword to categorize it. All these details are securely saved on the blockchain and
cannot be changed, making everything transparent. Users can also see a complete
history of their transactions, including the date and time, which helps track and verify each
one in real-time. While there are challenges like transaction costs (gas fees), the project
shows how blockchain can enable safe, transparent financial transfers between
individuals.
Contents
1. Introduction
2. Software and Hardware Requirements
3. System Architecture
4. UML Diagrams
5. Advantages and disadvantages
6. Conclusion
7. Result
Chapter 1
Introduction
Blockchain technology has fundamentally changed the way secure,
transparent, and decentralized financial systems are built. Its adoption
across various industries, particularly in finance, has demonstrated
significant potential for improving security and efficiency. One of the key
areas where blockchain can make a substantial impact is in peer-to-peer
transactions, eliminating intermediaries and ensuring transparency.
Traditional financial systems often rely on third parties, which can introduce
inefficiencies, high transaction fees, and security vulnerabilities.
This project focuses on developing a decentralized platform for transferring
funds between MetaMask wallets using Ethereum’s blockchain. The system
leverages Ethereum’s decentralized network to securely store transaction
details, ensuring their immutability, transparency, and accessibility. The
project is deployed using the Hardhat framework, with smart contracts
written in Solidity to handle core transaction functionalities, including
recording sender and receiver details, transaction amounts, messages, and
timestamps. By integrating the MetaMask wallet, the platform provides users
with seamless interaction with the blockchain, allowing them to view and
manage their transaction history in real time. This approach ensures that
financial transfers are secure, efficient, and transparent.
Chapter 2
Software and Hardware Requirements
Software Requirements:
● Hardhat Framework: Used for smart contract development, testing, and
deployment.
● Solidity: Ethereum-compatible programming language for writing the
transaction logic in the smart contract.
● Ether.js Library: Facilitates interaction between the frontend and the
blockchain, enabling seamless communication with smart contracts.
● MetaMask: A browser extension used for managing Ethereum accounts and
conducting transactions between wallets.
● Node.js and npm: Essential for backend functionality and managing
dependencies.
● Ethereum Network: Ethereum-compatible network for contract deployment
and transaction execution.
● VSCode or any IDE: For writing, debugging, and testing smart contracts.
● Volta Network: Ethereum-compatible testnet for contract deployment and
testing.
Hardware Requirements:
● Minimum Hardware for Development:
○ Processor: Intel i5 or equivalent
○ RAM: 8GB
○ Storage: 256GB SSD
○ Internet connection for blockchain access and testnet deployment.
● For Node Operation:
○ Ethereum nodes can be deployed on servers with similar
specifications or cloud services such as AWS or Digital Ocean to
ensure reliable uptime for transaction processing.
Chapter 3
System Architecture
The Transaction Tracking System follows a decentralized architecture built on
blockchain technology. The main components of the system are:
Frontend (React + Ether.js): The user interface allows users to transfer assets
between MetaMask wallets, view transaction history, and check timestamps. Ether.js
connects the frontend with the blockchain, enabling seamless interaction with smart
contracts.
Smart Contract (Solidity): The core logic of the asset transfer system is
written in Solidity. The smart contract manages the transfer process, ensuring
secure and immutable recording of transactions, including sender and receiver
details, amounts, messages, and timestamps.
Blockchain (Ethereum Network): All transactions are recorded on the
Ethereum blockchain, ensuring transparency and integrity. Each transaction is
publicly verifiable while maintaining user anonymity.
Ethereum Virtual Machine (EVM): The Ethereum Virtual Machine executes
the smart contracts, ensuring that the asset transfer logic operates securely
and efficiently on the blockchain.
MetaMask: MetaMask acts as a bridge for users to interact with the Ethereum
blockchain.It allows users to sign transactions and manage their wallets,
facilitating smooth asset transfers.
Figure 3.1 System Architecture
Chapter 4
UML Diagrams
1.Use Case Diagram
2.Activity Diagram
3.Sequence Diagram
4.Deployment Diagram
5.Component Diagram
6.Class Diagram
7.State Machine Diagram
Chapter 5
Advantages and Disadvantages
Advantages:
● Security and Immutability: The blockchain's decentralized nature ensures that
transactions are securely recorded and cannot be altered after submission,
protecting against tampering and fraud.
● Transparency: All transactions are publicly verifiable on the blockchain, ensuring
transparency and accountability in asset transfers.
● Anonymity: While transactions are recorded on the blockchain, users' identities
are kept anonymous, safeguarding their privacy during asset transfers.
● Decentralization: The system operates without a central authority, minimizing the
risk of single points of failure or manipulation and enhancing trust among users.
● Efficiency: Smart contracts automate the transaction process, enabling faster
processing and verification of transfers compared to traditional systems.
● Real-time Transaction History: Users can view their transaction history in real-
time, allowing for easy tracking and management of their assets.
Disadvantages:
● Scalability Issues: Current blockchain infrastructure, especially on networks like
Ethereum, may face challenges in handling a large volume of transactions
efficiently, potentially leading to delays.
● Gas Fees: Transaction costs (gas fees) on the Ethereum network can fluctuate,
especially during periods of high demand, which may deter users from conducting
frequent transactions.
● Technical Barrier for Users: Users must have a basic understanding of
blockchain wallets (like MetaMask) to participate effectively, which could limit
accessibility for less tech-savvy individuals.
● Regulatory Challenges: The legal landscape surrounding blockchain technology
is still developing, and implementing blockchain-based solutions may encounter
regulatory hurdles in various jurisdictions.
● Network Dependency: The system's performance is reliant on the underlying
blockchain network's stability and availability, which can affect user experience
during network outages or maintenance.
Chapter 6
Conclusion
The Blockchain Transaction Manager provides a secure, transparent, and
decentralized solution for asset transfers, overcoming many limitations of
traditional financial systems. By utilizing the Ethereum blockchain and smart
contracts, it ensures that transactions are recorded immutably, enhancing
trust among users. Despite challenges like scalability and fluctuating gas
fees, the advantages of security, real-time transaction history, and user
anonymity demonstrate blockchain's potential to revolutionize asset
management. This project highlights the future of finance, enabling efficient
and accessible transactions without intermediaries.
Chapter 7
Result
Code
// SPDX-License-Identifier: UNLICENSED
pragma solidity ^0.8.0;
import "hardhat/console.sol";
contract Transactions {
uint256 transactionCount;
event Transfer(address from, address receiver, uint amount, string
message, uint256 timestamp, string keyword);
struct TransferStruct {
address sender;
address receiver;
uint amount;
string message;
uint256 timestamp;
string keyword;
}
TransferStruct[] transactions;
function addToBlockchain(address payable receiver, uint amount, string
memory message, string memory keyword) public {
transactionCount += 1;
transactions.push(TransferStruct(msg.sender, receiver, amount,
message, block.timestamp, keyword));
emit Transfer(msg.sender, receiver, amount, message, block.timestamp,
keyword);
}
function getAllTransactions() public view returns (TransferStruct[]
memory) {
return transactions;
}
function getTransactionCount() public view returns (uint256) {
return transactionCount;
}
}
Screenshots
