Published Online:October 2024
Product Name:The IUP Journal of Computer Sciences
Product Type:Article
Product Code:IJCS011024
Author Name:Bhaibhab Kumar, Manav Paresh Malaviya, Zion Dhodhiawala, Shaik Abdul Hafeez and Dileep Kumar Murala
Availability:YES
Subject/Domain:Engineering
Download Format:PDF
Pages:22
Global economies are continually threatened by financial frauds and crimes, resulting in large financial losses and ersosion of public confidence in banking institutions. Conventional methods of identifying and preventing fraud often prove ineffective due to their reactive nature and incapacity to handle large-scale transactions. This paper investigates the potential of blockchain technology as a prompt resolution for detecting and preventing financial fraud. Blockchain's inherent features of decentralization, transparency, and immutability can establish a strong framework for secure and transparent financial transactions. By utilizing the distributed ledger and smart contract features of blockchain, it is feasible to create a system that can identify fraudulent activities in real-time and prevent their occurrence. The paper explores the workings of such a system, discusses its potential advantages and challenges, and provides insights into its practical implementation. The results could herald a new age in financial security, with blockchain technology playing a crucial role in combating financial fraud and crime. In addition, the paper also delves into the integration of Hyperledger, a permissioned blockchain framework, as a strategic component in the development of the proposed system, enhancing the security and efficiency of global financial transactions.
In the world of financial technology, blockchain technology has become a revolutionary force, providing a secure and decentralized platform for a range of applications. One