3. | CONTENTS :-
1) Abstract
2) Introduction
3) Literature Survey
4) Existing system
5) Proposed System
6) System Requirements
4. ABSTRACT
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Banking is the backbone of the financial sector of our times. Financial sector is
one of the main facilitators in the progress of our society. But the banking system
currently has a centre dependency. CORE (Centralized Online Real-Time
Exchange) banking has major disadvantages like single point of failure &
inflexible. Decentralized/Distributed banking is the need of the hour as it gives
anonymity, no single point of failure, power to the masses. It is resilient,
inherently democratic and efficient. Crypto Banks are decentralized banking
platforms that provide the usual services similar to centralized banks, primarily
lending services and credit scoring. But it essentially cuts out all of the middlemen
that a centralized bank uses. There is no centralization whatsoever. The user
needed in a centralized bank to structure financial data and approve transaction
are replaced in a crypto banking ecosystem by smart contracts and peer-to-peer
services
5. ● Our current banking system is based on a central server where
every branch is connected to each other. If the server made any
changes to the data of a branch then other branches get affected.
In this system, Corruption can be easily occurred because of
unauthorized access which is totally insecure in transaction
systems.
● Blockchains provide a way to establish trust in decentralized
trustless networks. Ethereum is a blockchain which supports a
turing complete programming language to develop contracts. Our
aim is to use Ethereum to set up contracts for deploying a
decentralized banking system
| INTRODUCTION
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6. |Literature Survey
A Study on Centralized and Decentralized banking technology
AUTHORS:- Tushar Adivarekar, Pradnya Ghorpade, Sneha Gedia, Gauri Choudhari
This study is to compare the differences between Centralized banking and
distributed banking, and to highlight the rapidly increasing use of Decentralized
cryptocurrency. Cryptocurrency is not physically printed, and it is not controlled
by any banks, unlike conventional currency that is based on gold or silver,
cryptocurrencies is based on mathematics which can be freely calculated through
available software
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7. A Scure large-scale instant payment system based on blockchain
AUTHORS:- L. Zhong, Q. Wu, J. Xie, Z. Guan and B. Qin.
Off-chain payments are an important technique for improving the scalability
of blockchain-based cryptocurrencies. However, since tokens locked in off-
chain channels cannot circulate from one channel to another, current off-
chain payment systems have a limitation in their capacities. In this work, we
present a secure large-scale instant payment (SLIP) system to improve the
capacity of blockchain systems. The SLIP system uses an aggregate signature
scheme to connect some of the off-chain channels such that tokens locked in
these channels can circulate from one channel to the next.Therefore, the
amount of circulated tokens in these channels is the sum of all locked-in
tokens instead of the minimum locked-in tokens.
8. ➢ Our current banking system is based on a central server where
every branch is connected to each other.
➢ If the server made any changes to the data of a branch then other
branches get affected.
➢ In this system, Corruption can be easily occurred because of
unauthorized access which is totally insecure in transaction
systems.
EXISTING SYSTEM
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9. DISADVANTAGES OF EXISTING SYSTEM:-
❖Failure in the central server causes all
other branches to fall down which results
in great damage to its users.
10. ➔ The proposed system is to created a smart contract on Ethereum
blockchain that functions as a bank. It covers basic banking
operations.
➔ creating new accounts, adding/withdrawing money, giving interest to
the account holders, showing balances.
➔ We used Solidity programming language to write the smart contract
and wrote a few tests in Javascript. The project gives an idea of how
crypto banks work in a real-time environment.
5 PROPOSED SYSTEM
11. ❖ The User needed in a centralized bank to structure
financial data and approve transaction are replaced in
a crypto banking ecosystem by smart contracts and
p2p, peer-to-peer, services.
ADVANTAGES OF PROPOSED SYSTEM:-
12. SOFTWARE REQUIREMENTS:-
• Python idle 3.7 version (or)
• Anaconda 3.7 ( or)
• Jupiter (or)
• Google colab
SYSTEM REQUIREMENTS:-
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13. • Operating system : windows, linux
• Processor : minimum intel i3
• Ram : minimum 4 gb
• Hard disk : minimum 250gb
HARDWARE REQUIREMENTS:-
