Advanced Online Cheque Clearing System using Blockchain

Abstract

Cheque Truncation System (CTS) is an automated cheque clearing system that clears the cheque based on the image. Generally, a manual process is a very time taking process and there are some disadvantages to this process. In the manual process, there are many issues are facing by the people. Signature forgery is one of the frauds that occur in the manual process. Many forgery cases are registered nowadays; some persons misuse the signature of the actual person and provide the self-cheque themselves. This paper mainly focused on providing security for the online cheque clearing process by using block-chain. Block-chain is one of the fast processes and clears the cheques in the early stages. In this paper, an automated cheque clearing process is implemented by analyzing the signature of the cheque holder. Block-chain is used to store the signature into blocks and store it with security. Results show that the proposed system is better than the existing approach.