Troubleshooting Payment Journey In Multilayer System Using Blockchain Technology

Abstract

Blockchain technology is the most promising field in the recent decade and future in many different industries. It is based on storing data in a decentralized distributed database with an encrypted way. Permission blockchains are the most of interest to companies, organizations, and other agencies to maintain their internal processes because of their trust, high privacy and control. Nowadays we are living in digital transformation age that everything should be maintained and operated by a system to ease our daily tasks. Electronic payment systems are one of many shapes for digital transformation, and they have many challenges in sending or receiving transactions as time latency, scalability, performance, and throughput rate also there is a need to maintain any failure through the payment process till it is completed. Tracing failed transactions may take more time and effort to discover what is the root cause of failure and which component has affected it. Therefore, the proposed framework is suggested using private blockchain to overcome the time delay of tracking failures and improve performance and throughput. Our results gained from the proposed framework enables us from tracing the failed transactions with little consumed time which provides more performance and efficiency. Also, by increasing the performance of finding trouble. Keywords—Blockchain, Electronic payment, Digital transformation, Fintech