|| Jai Sri Gurudev ||

ADICHUNCHANAGIRI UNIVERSITY
BGS INSTITUTE OF TECHNOLOGY
BG Nagara – 571448, Nagamangala Taluk,
Mandya District, Karnataka (INDIA).

Project Work Phase-I

A Synopsis
On

“Secure Banking Transactions Using Blockchain Technology”

Submitted in partial fulfillment for the academic year 2023-24

Bachelor of Engineering
In
INFORMATION SCIENCE AND ENGINEERING

Submitted by:

DHEERAJ H 20ISE014
PAVAN KUMAR H T 20ISE036
PRAGATH A U 20ISE038
PRAJWAL K 20ISE039

Under the guidance of:

Mrs. Kshama K B Giri,
Assistant Professor, Dept. of ISE,
BGSIT, BG Nagara, Mandya.

DEPARTMENT OF INFORMATION SCIENCE AND ENGINEERING

BGS INSTITUTE OF TECHNOLOGY

BG NAGARA – 571448
2023-2024
ABSTRACT
In the era of the digital economy, everyone is forced to convert to digital transaction and
payment modes. Though it has many merits to its list, there is a critical element called security
which is a significant concern for both the service provider and the end user. Hence this project
provides a holistic understanding of the application of blockchain technology in the banking
sector. Blockchain technology is a boon for the banking sector that mainly involves secured
transactions. This project will discuss the meaning, steps, types, and applications of blockchain
technology in the banking sector. The proposed system proposes blockchain technology and its
role in ensuring secured banking transactions.
INTRODUCTION
In recent years, blockchain technology has emerged as a transformative force, offering
secure and transparent solutions across various industries. One particularly impactful application
is in the realm of banking transactions. Traditional banking systems often face challenges related
to security, transparency, and efficiency. Blockchain, with its decentralized and immutable
nature, presents a promising solution to address these issues and enhance the security of banking
transactions. Blockchain operates on a distributed ledger system, where each participant in the
network holds a copy of the entire transaction history. This decentralized structure eliminates the
need for a central authority, reducing the risk of fraud and ensuring the integrity of financial
transactions. In the context of banking, this translates to a more secure environment for handling
sensitive information and executing transactions.

PROBLEM STATEMENT
Traditional banking systems face persistent challenges in ensuring the security,
transparency, and efficiency of financial transactions. Centralized databases are susceptible to
various risks, including data breaches, fraud, and system failures. Cybersecurity threats loom
large, putting sensitive financial information at risk. Additionally, the lack of transparency in
transaction processes can lead to disputes and inefficiency addressing these issues requires a
robust solution that goes beyond conventional methods. This is where blockchain technology
comes into play. By decentralizing the financial infrastructure and leveraging cryptographic
principles, blockchain has the potential to revolutionize banking transactions, providing a
secure, transparent, and efficient framework for managing financial data and operations.

OBJECTIVES
Implement blockchain's cryptographic principles to create a secure and tamper-resistant
environment for banking transactions. Mitigate the risk of unauthorized access, data breaches,
and fraudulent activities through decentralized consensus mechanisms. Utilize the transparent
nature of blockchain to provide all involved parties with a real-time, immutable view of
transaction history.Enable customers and stakeholders to trace and verify transactions, reducing
the likelihood of disputes and enhancing trust. Streamline transaction processes by removing
intermediaries and automating complex procedures through smart contracts.Reduce transaction
settlement times and operational costs, improving overall efficiency in the banking ecosystem.
PROPOSED METHODOLOGY

REFERENCES

[1].

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Signature of Guide Signature of Project Coordinators Signature of HOD