Blockchain - Can It Solve the Security Issues and Fraud Expenses for Credit Card Commerce?
Kevin Mayhew, Weifeng Chen · 2019
We live in a world where we attempt to keep credit card numbers as a secret. However we have seen large scale hacking into companies such as Target, Equifax, Home Depot, PayPal, Sak's, Lord & Taylors, and many others. Financial credit card companies spend millions of dollars each year replacing consumers' cards because of risk of fraudulent charges. Businesses are spending millions of dollars ensuring these numbers are protected within their IT infrastructure. Businesses are losing millions of dollars in stolen merchandise due to fraudulent use of credit cards. The Blockchain technology can be used to prevent these losses from being incurred. This paper analyzes how the Blockchain technology could be used, how it can be secure, and how it can alleviate the risk to credit card data. In addition, this paper identifies and defines a system that can be developed using existing technologies, such as, two factor identification, SMS text messaging, and biometrics to prevent credit card breaches.