Usage of Block Chain Technologies and Smart Contracts for Secured Internet Banking
With the increasing number of devices and gadgets using network based communication, the vulnerabilities are elevating to a huge levels. There is need to work out on the secured mechanisms so that the transactions in the network channels can be made secured. To cope with such scenarios, the usage of block chain technology is quite prominent so that the peer to peer based secured communication can be done. In current scenario, the block chain technology is more focused towards crypto currencies in which the distributed ledger is maintained for the transactions. The distributed ledger refers to the replicated, synchronized and shared digital asset to multiple locations and devices so that the third party manipulation cannot be possible. For example, if a bank follows the distributed database ledger with block chain technology can enforce higher degree of security. If that bank is having one million customers then the records of the transactions will be stored on those one million devices. It refers to the fact that the hacker will have to hack one million devices in real time rather than a single server. This is the major advantage of using the decentralized block chain technology. In case of centralized application, if hacker penetrates the server of a bank, then all the details and records of all the customers can be copied. That is the main reason because of which the government agencies should focus on decentralizing their web based applications.
Keywords - Block chain Security, Data Security, High Availability Data, Secured Databases.