A framework for cheque processing using blockchain technology and smart contracts

Abstract

Blockchain technology was devised by Satoshi Nakamoto in the year 2008. This innovative technology features gave rise to interesting concepts and topics so that developers and researchers can incorporate it in their work. Transactions in the form of blocks were decentralized, distributed, open, immutable and digital in nature. Blocks were chained to each other to form blockchain using cryptography and hashing techniques. The intent of the technology is to treat data as money. The data which is of high importance can be stored in Block using the above technology. Blockchain Technology is the fastest growing innovative technology used in various areas. It is popular because of its ability to use this technology in different domains that contributes to store data in respective domains connected with peer-to-peer networks. The technology provides a way to update the records with a real time updating facility feature. newline newlineThis research started exploring successful Blockchain Applications. It focused on already existing blockchain applications as proof of concept in different domains was analyzed and the advantages of the technology in different fields were listed. The research also helps to figure out the future areas of research in different domains. Conti...