Secure blockchain framework for high-value financial transaction management
N. Anita, K. Ruba Soundar · 2024
The use of blockchain is many-fold. Apart from its usage in manufacturing industries, the health sector has adequately relied on blockchain for communication and other important purposes. At present, cryptocurrency which is also managed by blockchain technology has made a splash all over the world. The Government has struggled to monitor high-value financial transactions, especially in day-to-day financial transaction management. During the verification of high-value transactions in the financial chain process, the stakeholders may try to mix counterfeit along with original items into the transactions. Therefore, the Government was compelled to prove the original owner or stakeholders involved in particular transactions. Though many traditional solutions are in existence to detect counterfeit transactions, their uses have become sterile due to their characteristic. Some of the vital issues of centralized systems are: data backup, scalability, fault tolerance, network connectivity, and third party. As a result, it was thought that blockchain solutions could effectively address these issues. Because of its distinctive qualities like immutability, decentralization, security, and consensus, it is used in various types of organizations or industries, such as government, finance, supply chains, and voting systems. Blockchain encounters some security issues when conducting transactions and is susceptible to attacks like cloning, eavesdropping, and node withholding. Therefore, this study has proposed a secure blockchain framework for High-Value Financial Transactions Management (FTM). A transaction is typically transmitted through several stages before reaching the blockchain. Although the basic blockchain was designed to function without a centralized system, transactions must be authorized. Key pairs are strings of data that are used to authenticate the user and grant access to their account value on the system. This helps secure online signatures that can be used to identify and verify by electronic signature and ‘unlock’ the intended transaction to complete the process. Once a transaction has been approved by the participants, it must be accepted or validated and then added to a chain of blocks. The consensus decision is essential and sometimes mandated to add transactions in the blockchain network. Miners with high computational data can add a block to the network by solving a computational puzzle. The blocks are transmitted to other nodes in the peer-to-peer network to complete the transaction procedure. The user individual creates a key pair for devices to establish unique identity on the system, in which public key serves as both an Ethereum Address (EA) that can store money and an individual’s unique identification. Transactions from this address must be signed with the private key, which is also employed to validate public key ownership. A secure blockchain framework for high-value financial transactions management module is developed based on Radio-Frequency Identification (RFID) and blockchain technology in the context stated above. All transactions were optimized using Ethereum with Proof of Authority (PoA) consensus. Ethereum with Proof of Authority (PoA) consensus was used to optimize all transactions. The proposed module has been tested on transaction cost, latency, and throughput.