A New Approach to Financial Distribution Systems Leveraging Hyperledger-Besu and Consortium Blockchain
Md. Raisul Hasan Shahrukh, Nafees Mansoor · 2023
Modern financial systems, despite their inherent complexity and resiliency, face formidable challenges in terms of openness, efficiency, and security. Among these are significant transparency gaps and impending security vulnerabilities, highlighting the imperative need for innovative solutions in today’s financial transactions. This paper unveils a meticulously developed financial distribution system rooted in a consortium blockchain, harnessing the complete spectrum of Hyperledger Besu’s complex features. At the core of the system is the smart contract, which is more than a transactional instrument; it is a custom-tailored solution designed to enhance transactional processes, maintain data integrity, facilitate rapid execution and ensure strict regulatory compliance in the dynamic financial distribution environment. The exhaustive analysis illuminates the indispensable role of consortium blockchain, highlighting their unrivaled potential for delivering a tightly regulated, industry-specific environment. In terms of throughput and latency metrics, Hyperledger Besu outperforms conventional blockchain frameworks, according to rigorous testing and empirical analysis. These results conclusively demonstrate Hyperledger Besu’s capability of navigating high-frequency financial transactions with reduced computational strain, firmly establishing it as the preeminent platform for developing cutting-edge financial applications. This exhaustive study not only highlights the transformative potential of Hyperledger Besu in modernizing legacy financial infrastructures but also establishes a rigorous benchmark for the academic and industrial communities.