International Research Journal of Engineering and Technology (IRJET) Volume: 09 Issue: 05 | May 2022 www.irjet.net
e-ISSN: 2395-0056 p-ISSN: 2395-0072
Banks V/s P2P Transactions: Who will own the Future of Financial Transactions? Om Ranashing, Prateek Hajare, Hussain Sheikh, Zenith Shah, Amrita Shirode 1,2,3,4Student,
Dept. of Computer Engineering, AISSMS Polytechnic, Maharashtra, India. Dept. of Computer Engineering, AISSMS Polytechnic, Maharashtra, India. ----------------------------------------------------------------------***-----------------------------------------------------------------------Abstract - This paper will first explain how peer-toSystem Overview of P2P transactions 5Professor,
peer (P2P) transactions work and how they can dominate the finance marketplace due to the numerous benefits they provide. The article then goes on to discuss 'What is P2P and how it works?' before concluding with how P2P differs from other types of transaction systems that generally require a mediator and some hybrid systems. Despite the fact that the financial market has cracked down on this technology, it is estimated that peer-to-peer transactions systems, including cryptocurrency systems, will hold transactions ranging from 3 to 9 trillion dollars in the coming years. Because of their simple model and direct transfer systems, peerto-peer transaction systems are the new big guns in the financial industry. However, due to the widespread availability of peer-to-peer (P2P) transaction network systems, all of this has recently changed dramatically.
It is usually quite simple to set up a peer-to-peer payment account. You'll create an account on your preferred platform and link it to your bank account, credit or debit card. To improve security, some apps may require additional information and password verification. After you've created your account, you can search for other users by their username, email address, or phone number. Following that, sending and receiving money is usually as easy as a few steps away. You select the person or entity you want to transfer money to, the amount of the transaction The time it takes for money to flow
depends on the P2P payment service you choose. It might take a few seconds to many minutes to complete.. Many applications keep your money until you
Key Words: Peer to Peer (P2P), Transactions, Finance, Market.
tell them to send it to your bank account. A peer-to-peer network is primarily maintained by a dispersed network that connects several users. P2P networks, in general, lack a systemic approach or administrator. Each user has a copy of the files and acts as both a server and a client at the same time. As a result, each user has the ability to download data to other machines. This is what distinguishes peer-to-peer Internet connections from other client-server networks. Traditional network users obtain files and documents from a central server. A peerto-peer (P2P) network, on the other hand, transports files and documents saved on a computer system.
1. INTRODUCTION A peer-to-peer (P2P) service is a platform that allows two people to communicate and transfer finances , they
communicate directly with one another without the use of a foreign entity , they communicate directly with one another.. Instead, the buyer and seller or individuals deal with one another directly through the P2P services. Internet users can connect directly, form groups and collaborate, and make payments to and from has become the norm in millennials who are embracing the rise of fintech and peer-to-peer services thanks to the peer-topeer movement. This network configuration differs from the traditional method of communicating with and from a central authority. P2P services have progressed beyond being solely web-based. yet they are still commonly thought of as such. Peer-to-peer services cover a wide range of activities, from basic buying and selling to those related to the sharing economy. Some peer-to-peer services do not even require users to pay; instead, they connect people to collaborate on projects, share information, and communicate without the use of a third party.
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When a user uploads a document, the option to become the document's administrator is presented to them. When a computer has an interesting file, it becomes a resource and acts as a server from which other computers can download it. Peer-to-peer networks have improved in efficiency and speed through which the transactions take place as the number of users have largely increases. P2P internet connections via internet are also more resistant to cybercrime and cyberattacks beacuse of thier scattered network topolgy.
1.2 Security analysis of P2P systems: The Internet is a network of interconnected systems where no single entity controls network resources or
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