Online Payment Using Blockchain

SIES Graduate School of Technology, University of Mumbai, Maharashtra, India

Abstract

Increasing list of records is with blockchain where each record is linked with the help of cryptography. Every block in the chain contains timestamp, transaction details and hash of a previous block, hash is cryptographic hash. This is a secured system, which we plan to replace the current online payment system. A current online payment gateway is prone to hackers where the attacker can tamper into the network, thus creating money loss. And not only this but also the transaction has to go through multiple payment systems which consumes time, also creating a risk of transaction getting failed. So, our system would be using blockchain that allows online transactions which would allow online payments to be sent directly from one party to another without going through a financial institution and in a secured way. This system allows online transactions between two parties based on cryptographic proof without relying and trusting for a third party. To record transactions, we use proof of work algorithm which makes computationally impractical for an attacker to change. Digital signatures provide part of the solution for ensuring the security and integrity of the data that is recorded onto a blockchain.