B25_AVINASH CHAURASIA TU3F2021094
Experiment No.:9
PART A
Mini Project Title- Merchant Payment system
1. 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.
B25_AVINASH CHAURASIA TU3F2021094
2. Introduction-
A blockchain is a public ledger of information collected through a
network that sits on top of the internet. It is how this information is
recorded that gives blockchain its groundbreaking potential.
Blockchain makes it easy to maintain the transactions on a whole, and
also fastens the transactions where the current system fails i.e. it is
much slower compared to blockchain.
Nowadays,people heavily use online payment system to pay
merchants,billions of transactoion are made daily but this online
transcation has its oown sets of security risks
So we plan at introducing blockchain for online payment. Each node
i.e. customer side transaction would be recorded in the blockchain.
The current public blockchains available are Ethereum, Bitcoin etc.
3. Methodology-
In blockchain, every transaction is recorded chronologically and
can digitally log the entire lifecycle of money. Recording this
automatically means blockchain technology vastly improves the
efficiency of the process, reducing the time and cost needed to keep
accurate records.
B25_AVINASH CHAURASIA TU3F2021094
4. Technology Used to develop and Deploy application-
Windows 10+, Mac OS
Ethereum platform
Solidity supported IDE
Version control:- Git
5. Implementation Details-
B25_AVINASH CHAURASIA TU3F2021094
6. Output-
7. Conclusion-
1. Implementation of a secure, distributed, and decentralized ledger system
using smart contracts for transparent fund management and transaction
execution.
B25_AVINASH CHAURASIA TU3F2021094
2. Utilization of blockchain technology, specifically Ethereum, to ensure
transparency and traceability throughout the funding and investment
processes.
3. Integration of a voting mechanism within the smart contract system to
provide effective control over the utilization and transfer of funds, enhancing
the overall security and accountability of the financial transactions.
REFERENCES-
“The Impact of Blockchain Technology on Business Models in the
Payments Industry ” Friedrich Holotiuk1 , Francesco Pisani1 , and Jürgen
Moormann1 1 Frankfurt School of Finance & Management, ProcessLab,
Frankfurt a. M., Germany
“Blockchain Based Payment Method for Secure Transactions ” Authors:
Harshad Hakke, Abhishek Bharati, Akshay Ranit, S R Khonde
PART B
(PART B: TO BE COMPLETED BY STUDENTS)
Roll. No. B25 Name: AVINASH CHAURASIA
Class-BE-B Batch: B2
Date of Experiment: Date of Submission:
Grade:
B.1 Software Code written by student:
(Paste your Code script related to your case study completed during the 2 hours of
practical in the lab here)
B25_AVINASH CHAURASIA TU3F2021094
B.2 Input and Output:
(Paste your output that you are getting after running app in from of screenshots.)
B.3 Observations and learning:
(Students are expected to comment on the output obtained with clear observations and
learning for each task/ sub part assigned)
B.4 Conclusion:
(Students must write the conclusion as per the attainment of individual outcome listed
above and learning/observation noted in section B.3)
B.5 Question of Curiosity
(To be answered by student based on the practical performed and learning/observations)
