A Model to Implement and Secure Online Documentation using Blockchain

Abstract

The past decade has seen a tremendous rise in the use of blockchains for facilitating a trust based decentralized financial framework, in hope of eliminating dependency on core institutions such as banks. A blockchain stores a chronological record for a document detailing all the alterations that have been made to it since its inception. This data contained within this document may be anything, e.g. a lease document, personal files, etc. Smart documents can be used everywhere within the industry or an enterprise. Although blockchain based structures are much less eco-friendly in comparison to the ones with a database-based approach. Inter Planetary File System can be used to remotely store massive quantities of statistical data that may be involved in a blockchain transaction and address it in the actual chain by an absolute, everlasting link. Each report and all the blocks in a chain are assigned a unique fingerprint known as a cryptographic hash. This virtual cryptographic signature is used to verify legitimacy of each block. In this paper with the help of IPFS, along with other encryption methods we propose a secure and tamper proof model for blockchain based financial transactions.