Comparative Analysis of Blockchain based Digital Currency Transactions and UPI
Ch Rahul A N Sharma, Prudhvi Sri Harsha Krovvidi, Siva Charan Kadagala, Shinu M. Rajagopal · 2024
In the rapidly evolving landscape of digital transactions, Blockchain, a decentralized ledger technology, is at the forefront. This research seeks to offer a comprehensive comparison with the widely adopted UPI, aiming to dissect the strengths and challenges of blockchain in real-world scenarios. In the context of the Unified Payments Interface (UPI), leveraging the power of blockchain through tools like Ganache and Truffle involves delving into critical parameters such as Transaction Volume, Overhead, Busy Server, Failed Transactions, and Concurrent User Interaction. The primary objective is to evaluate the performance of blockchain, equipped with Ganache and Truffle, in terms of transaction efficiency and user interactions, providing valuable insights into its practical applications in the realm of digital transactions. Moreover, this project aligns with the United Nations Sustainable Development Goals (SDGs), contributing to financial inclusion, innovation, and sustainable economic growth by exploring how blockchain can address challenges in existing payment systems, fostering transparency, security, and accessibility. This research aligns with the global agenda of leveraging technology to create a more inclusive and sustainable financial ecosystem.