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Money Transfer Using Blockchain Technology: Building “Built-in” trust in Banking Transactions


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Category
Articles
Publisher
Serials Publication Pvt. Ltd.
Publishing Date
01-Jan-2019
volume
18
Issue
1
Pages
25-33
  • Abstract

The paper presents the use of blockchain technology as an alternative cost-effective and secured way of transferring money. Blockchain technology propagates a payment model which uses smart contract and private “blockchain” network eliminating the involvement of third-party payment gateways. Every transaction before getting committed is verified through distributed ledger. The technology is expected to disrupt almost all the processes from basic documentation through to selling of complex contracts. The paper proposes a model based on smart contracts – a computer-based consensus mechanism – that defines policies, rules and regulations for the execution of the transactions in a very transparent manner.