Efficient Blockchain Enabled Checkpoint Approach for Securing Transaction in Banking Sector

Abstract

Online secure payment systems have gained widespread popularity, even in roadside stores across countries like India, promoting cashless transactions. However, ensuring security remains pivotal during these transactions. Various new approaches are emerging, each with its own set of pros and cons. In order to solve the security and confidentiality concerns of transactions indistributed and multi-agent systems, this research aims to establish acheckpoint model that is enabled by blockchain for secure transactions in the banking sector. Datasets of transactions are randomly generated in Ganache simulation environment. The coding and comparative analyses were carried out in PyCharm tool where Ethereum blockchain sandboxed environment is used for development and testing. The comparative analysis is carried out for the parameter like number of blocks with respect to transaction recovery time, memory usage and responsiveness. The blockchain based hybrid access control consensus algorithm with checkpoint will provide new possibilities for online transactions with more security and scalability than other state of art methods.