Secure Bank Transaction Using Block chain Technology

Blockchain technology is reshaping the traditional economies. People may have more trust than ever before as the transaction is immutable and transparent. Blockchain Technology is a distributed peer to peer linked structure which can solve the problem of maintaining and recording transactions in a banking system. Blockchain provides properties like transparency, robustness, auditability, and security. Blockchain is a chain of blocks each is being a storehouse that stores information referring to a transaction and links to the earlier block in the same transaction. These connected blocks form a sequential chain providing a pathway of the basic transaction. There are many threats and frauds detected in banking system. A centralized database is used by banking system which makes the attacker easy to get access to data and this makes the system insecure. Drawback of this centralized system can be reduced by reforming the system by implementing blockchain technology without using tokens. Blockchain uses decentralized architecture for storing and accessing data over the database. This reduces attacks on database hacked.