The Secure E-Wallet Powered by Blockchain and Distributed Ledger Technology

Last decade had been worst for humanity as it faced Covid-19. The pandemic invited many things unknown to humans such as lockdown, compulsory mask and no contact with other people or things. The ‘No Contact’ initiated much awaited progress in payment from being entity exchange to being digital. The digitization of payment became biggest transformation; every common citizen realized the use of digital payment. The evolution of cash payment to internet banking and internet banking to e-wallet has made transaction easier for all the services without exhibiting physical form. Payment Gateways, Digital Wallet, Internet Banking use has risen as being fast and instant. Though the recent payments are secure on theft front with the use of digital money by many users at many times online payment system might face problem on digital money transfer with issues such as wrong payment, link failure or single point failure. There might be more problems such as insider problem and transaction being transparent. For such situations more secure and private path towards security is needed as insufficiency will give rise to risk mitigation. The paper recommends a payment system which will be based on privacy and permission laid by blocks to blocks for use in financial sector. The architecture proposed integrates the digital wallet with different banks to give foundation of Blockchain for secure transactions. The peer to peer network will share transactions as well share load to minimize load on central banking system keep the load distributed and secure overall data centres.