Securing Financial Transactions with Multichain Blockchain Frameworks


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 :

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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.

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