An innovative blockchain framework for strengthening security and efficiency in banking.

Area of Science:

• Computer Science
• Financial Technology

Background:

• Traditional banking systems suffer from intermediaries, opacity, fraud risks, and limited access.
• Blockchain technology offers transformative potential for data management and storage.

Purpose of the Study:

• To develop and evaluate a blockchain framework on Ethereum to enhance security and efficiency in banking operations.
• To address limitations of traditional banking by enabling secure, automated peer-to-peer (P2P) transactions.

Main Methods:

• Developed a blockchain framework utilizing Ethereum smart contracts (Solidity) for P2P deposits, withdrawals, and transfers.
• Integrated a user-friendly interface with MetaMask and custom wallets using Ether.js and React.js.
• Implemented and tested the architecture on the Sepolia Ethereum Testnet.

Main Results:

• Demonstrated significant improvements in transaction speed, transparency, and operational efficiency compared to traditional banking.
• Achieved near real-time processing and automated verification of transactions.
• Performance benchmarking showed competitive latency and throughput, with gas cost analysis indicating trade-offs.

Conclusions:

• The proposed blockchain framework shows strong potential to resolve inefficiencies in the financial sector.
• The system offers a practical step towards adopting blockchain in mainstream banking, despite scalability and regulatory challenges.