International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 13 Issue: 02 | Feb 2026
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p-ISSN: 2395-0072
BLOCKCHAIN POWERED FRAMEWORK FOR DEPOSITORY FINANCIAL INSTITUTION Dipak Prabhu Kandare1, Dr. Mohammad J. Haque2, Dr. Mohammad Muqeem3 1 M.Tech Scholar, School Of Computer Science And Engineering, Sandip University, Nashik, Maharashtra, India. 2 Guide, SOCSE, Sandip University, Nashik, Maharashtra, India.
3 Guide, SOCSE, Sandip University, Nashik, Maharashtra, India. ---------------------------------------------------------------------***---------------------------------------------------------------------
Abstract - Blockchain is considered as the important
The payment and transfer behaviour of digital currency (such as Bitcoin) is supported by blockchain and can be used for a number of payment scenarios. Among these scenarios, the blockchain has a greater significance in the public financing and charitable donation. The characteristics of blockchain make the information (e.g. fund source and flow) open and transparent, which can reduce the regulatory costs and improve the regulatory efficiency. Meanwhile, using blockchain in the field of finance and securities can reduce the settlement and clearing costs of the exchange. For some products, it can provide 24-hour trading and real-time settlement. Blockchains can also be used for the registration and certification of various tangible or intangible assets, including text, pictures and other intellectual property rights and even proof of property, vote statistics and so on. As the record cannot be changed once it is written in blockchain, the blockchain technology has inherent advantages in the field of data protection and notarozatopm.
technological innovation behind Bitcoin system. It facilitates the transaction payment process by creating a decentralized, general ledger to improve regulatory capacity and remove unnecessary intermediaries. At present, the blockchain technology has been employed in the financial industry for a wide range of experimental application and exploration. In this paper, we firstly analyze the principal architecture and the technical characteristics of blockchain. Then its current research achievements and application scenarios are introduced. Finally, the application of blockchain in Indian Foreign Exchange Trade System is designed and explored. Combining with the credit matching trading system X-Swap, an inter-bank application based on the blockchain technology is implemented Key Words: Blockchain, Digital currency, Inter-bank application, Transaction clearing.
1.INTRODUCTION
2. RELATED WORK
Blockchain, as the term suggests, is the chain linked by blocks. It is a decentralized, general ledger. The blockchain holds a complete, all-agreed transaction records. Thanks to the information stored in the block header, the records cannot be modified Any modification will cause the hash value of the information in the block to be inconsistent with that recorded in the block header . This creates an open distributed general ledger system.
The blockchain technology is derived from Satoshi Nakamoto's foundational paper "Bitcoin: a peer-to-peer electronic cash system", which describes in detail how to build a new, decentralized and point-point trading system. It has been proven by Bitcoin in 2009 [1]. As Bitcoin becomeincreasingly popular, various research and applications of the underlying blockchain technology has shown a blowout trend [2].
The most significant difference between the transaction structure based on block chain and the traditional transaction structure is that all participants share a common ledger, and all participants have a complete general ledger (even if some transactions are not relevant to it). Then the two nodes will no longer carry out transactions by a central institution, but by means of public ledger. Because there are no central institutions, the blockchain technology firstly need to solve the problem of data accuracy and reliability in the process of transaction. The POW, POS, DPOS and other consensus mechanisms can be employed to achieve node consistency in a decentralized distributed system. That is to solve the problem of the Byzantine General, thus ensuring the transactions can be completed correctly, quickly and safely without supervision.
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The original Bitcoin is programming limit, numerous previous endeavors make great efforts on building applications on the Bitcoin. However, lottery, micropayments, verifiable computation have been proven to implement difficultly by using Bitcoin's scripting language [3]. Ethereum is the first Turing-complete decentralized trading system [4]. Numbers of companies and enthusiasts created a wide range of smart contract applications on Ethereum. Such as supply chain provenance, crowd-based fundraising, derivatives trading and prediction markets [5].
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