Decentralized Finance and Crypto Banking System Using Ethereum-based Blockchain Technology

Mamun Ahmed, Saha Reno*, Salma Akter and A. K. M. Abu Nowshad Chowdhury

Abstract: Blockchain-based cryptocurrencies have demonstrated how to safely implement any currency-based centralized systems in a decentralized way. The current baking organizations are not entirely automated as humans execute the transactions at some stages. The system users can modify or destroy the transaction history and change a person’s bank balance. In the classical banking system, clients still need to wait a long time to deposit or withdraw money. In this paper, we propose a new banking system based on ethereum blockchain technology that is automated and has the total elimination of authoritarian interception. We also developed a smart contract that controls our system’s procedures, and transaction details are stored inside the blocks. This system can perform four functions: account registration, depositing funds, withdrawing funds, and internet banking. This banking system has no room for fraudulent activities that cause financial loss for its users. In this automated banking system, no one can modify any financial transactions. Users can execute transactions from their homes and workplaces using the proposed system within moments.

Keywords: Blockchain, decentralization, cryptocurrency, ethereum, banking system

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References

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