Authors :
Dr. Gavisiddappa; Darshan R Yadav; Deekshith N P
Volume/Issue :
Volume 9 - 2024, Issue 12 - December
Google Scholar :
https://tinyurl.com/4hmuae9f
Scribd :
https://tinyurl.com/42nkeuzr
DOI :
https://doi.org/10.5281/zenodo.14471188
Abstract :
Digitalized financial transactions are fast;
however, they have been prone to various cyber threats
that involve fraud and data breach. This paper explores
the potential of multichain-based blockchain technology
as an appropriate robust solution for developing the
security features of financial transactions. We present a
framework based on a multichain architecture that
allows running multiple blockchain networks
concurrently with great reductions in risks in contrast to
traditional financial systems.
Our approach is to couple state-of-the-art
cryptographic protocols and smart contractsthroughout
the different chains, therefore securing the integrity of
the transactions while limiting the chances of fraud.
Interoperability inherent to multichain systems allows
for a smooth, frictionless exchange between diverse
networks, further increasing the reliability of the
transaction validation processes. This architecture does
not only reduce the risks associated with single points of
failure but also increases the transparency and enhances
user trust.
It's very relevant and of great value to apply
blockchain technology in finance and to present the
transformative nature of multichain systems for securing
digital transactions within an increasingly
interconnected economy.
Keywords :
Multichain Technology, Blockchain Security, Financial Transactions, Cyber Threat Mitigation, Cryptographic Protocols.
References :
- Ballandies, M. C., Dapp, M. M., & Pournaras, E. (2022). Decrypting distributed ledger design— taxonomy, classification and blockchain community evaluation. Cluster Computing, 25(3), 1817-1838. https://doi.org/10.1007/s10586-022- 03421-1
- Rahmani, M. K. I., et al. (2022). Blockchain- based trust management framework for cloud computing-based internet of medical things (IoMT): a systematic review. Computational Intelligence and Neuroscience, 2022. https://doi.org/10.1155/2022/4587973
- Javaid, M., et al. (2022). A review of Blockchain Technology applications for financial services. BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2022, 100073. https://doi.org/10.1109/TBSE.2022.100073
- Boakye, E. A., Zhao, H., & Ahia, B. N. K. (2022). Emerging research on blockchain technology in finance; a conveyed evidence of bibliometric- based evaluations. The Journal of High Technology Management Research, 33(2), 100437. https://doi.org/10.1016/j.hitech.2022.100437
- Weerawarna, R., Miah, S. J., & Shao, X. (2023). Emerging advances of blockchain technology in finance: a content analysis. Personal and Ubiquitous Computing. https://doi.org/10.1007/s00779-022-01675-3
- Raj, P. V. R. P., et al. (2022). Procurement, traceability and advance cash credit payment transactions in supply chain using blockchain smart contracts. Computers & Industrial Engineering, 167, 108038. https://doi.org/10.1016/j.cie.2022.108038
- Deepa, N., et al. (2022). A survey on blockchain for big data: approaches, opportunities, and future directions. Future Generation Computer Systems. https://doi.org/10.1016/j.future.2022.05.013
- Cucari, N., et al. (2022). The impact of blockchain in banking processes: The Interbank Spunta case study. Technology Analysis & Strategic Management, 34(2), 138-150. https://doi.org/10.1080/09537325.2021.1895152
- Al-Ashmori, A., et al. (2022). Classifications of Sustainable Factors in Blockchain Adoption: A Literature Review and Bibliometric Analysis. Sustainability, 14(9), 5176. https://doi.org/10.3390/su14095176
- Sousa, A., et al. (2022). Cryptocurrency adoption: a systematic literature review and bibliometric analysis. EuroMed Journal of Business, 17(3), 374-390. https://doi.org/10.1108/EMJB-04-2022- 0088
- Halgamuge, M. N. (2022). Estimation of the success probability of a malicious attacker on blockchain-based edge network. Computer Networks, 219, 109402. https://doi.org/10.1016/j.comnet.2022.109402
- Gorkhali, A., & Chowdhury, R. (2022). Blockchain and the evolving financial market: A literature review. Journal of Industrial Integration and Management, 7(1), 47-81. https://doi.org/10.1142/S2327351122500036
Digitalized financial transactions are fast;
however, they have been prone to various cyber threats
that involve fraud and data breach. This paper explores
the potential of multichain-based blockchain technology
as an appropriate robust solution for developing the
security features of financial transactions. We present a
framework based on a multichain architecture that
allows running multiple blockchain networks
concurrently with great reductions in risks in contrast to
traditional financial systems.
Our approach is to couple state-of-the-art
cryptographic protocols and smart contractsthroughout
the different chains, therefore securing the integrity of
the transactions while limiting the chances of fraud.
Interoperability inherent to multichain systems allows
for a smooth, frictionless exchange between diverse
networks, further increasing the reliability of the
transaction validation processes. This architecture does
not only reduce the risks associated with single points of
failure but also increases the transparency and enhances
user trust.
It's very relevant and of great value to apply
blockchain technology in finance and to present the
transformative nature of multichain systems for securing
digital transactions within an increasingly
interconnected economy.
Keywords :
Multichain Technology, Blockchain Security, Financial Transactions, Cyber Threat Mitigation, Cryptographic Protocols.