Abstract
Online secure payment systems have gained widespread popularity, even in roadside stores across countries like India, promoting cashless transactions. However, ensuring security remains pivotal during these transactions. Various new approaches are emerging, each with its own set of pros and cons. In order to solve the security and confidentiality concerns of transactions indistributed and multi-agent systems, this research aims to establish acheckpoint model that is enabled by blockchain for secure transactions in the banking sector. Datasets of transactions are randomly generated in Ganache simulation environment. The coding and comparative analyses were carried out in PyCharm tool where Ethereum blockchain sandboxed environment is used for development and testing. The comparative analysis is carried out for the parameter like number of blocks with respect to transaction recovery time, memory usage and responsiveness. The blockchain based hybrid access control consensus algorithm with checkpoint will provide new possibilities for online transactions with more security and scalability than other state of art methods.
Significance Statement
The proposed efficient blockchain-enabled checkpoint approach for securing transactions in the banking sector ensures robust security and transparency. By using blockchain technology, it enhances transaction integrity, reduces fraud, and establishes trust among participants, thereby revolutionizing the banking industry’s security practices and contributing to the advancement of financial systems.
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Data Availability
The datasets generated and analyzed during the current study are not publicly available due to confidential financial transaction information. Data sharing not applicable to this article as very little datasets were generated and analyzed during the current study.
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Acknowledgements
The authors thank the editor and the reviewers for their valuable suggestions which helped in improving the paper’s quality. I am thankful to Computer Science Engineering Department, G. H. Raisoni University, Amravati, Maharashtra, INDIA for providing all state-of-art facilities to carry out the research work in Research Laboratory.
Funding
This research work is self-financed and no other funding organization, statutory body is involved. No grant yet is received for this work. To carry out the research work all the facilities are provided by Research Laboratory of Computer Science Engineering Department, G. H. Raisoni University, Amravati, Maharashtra, INDIA.
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Chorey, P., Sahu, N. Efficient Blockchain Enabled Checkpoint Approach for Securing Transaction in Banking Sector. Natl. Acad. Sci. Lett. 47, 677–680 (2024). https://doi.org/10.1007/s40009-024-01408-1
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DOI: https://doi.org/10.1007/s40009-024-01408-1