Decentralized Banking Services using Blockchain Technology
Harsh Bhat, Gourab Bank, Yash Jawale, Ruturaj Wairkar, Sanjay Mirchandani · 2023
Blockchain based crypto based currencies have made it possible to implement a fund transfer system in a more efficient, hassle-free and secure way. The present banking system contains human intervention at many stages wherein system users can modify bank details, bank balance in a fraudulent way. In the classical banking system, users have to wait for a longer time to deposit and withdraw money. A decentralized banking system allows a user to carry out various transactions and manage one’s own data securely. Thus, a decentralized banking system has no room for fraudulent activities and causes no capital loss. The proposed system has three functionalities: User Wallet, a lending platform and a trading platform. The lending platform consists of market funds of all the tokens from which every user can buy a specific amount of tokens. User wallet contains transaction history along with the amount of tokens sent. The trading platform consists of a live price chart of ZB/Eth Thus, users can borrow or lend money from their home or workplace within moments.