Open Conference Systems, The 1st International Conference on Advanced Information Technology and Communication (IC-AITC)

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Digital Transaction using Blockchain
Alish Baharatbhai Makadia, Vatsal Minehkumar Chauhan, Hina Jigesh Chokshi

Last modified: 2021-10-18

Abstract


High-tech enables payment evolution and global competition. In this developing era, still Blockchain technology is not been well accepted by the people of the entire world, hence it is still not gaining trust and acceptance of the people. Banks should carefully consider the technology underlying these cryptocurrencies as a potential generic new way of transferring ownership of the value over the long term.In this chapter, an efficient solution is proposed for the problem of maintaining an order book and determining the execution rate in the peer-to-peer network system. It also explains the working of the decentralized exchange. A pure peer to peer version of the decentralized exchange system would allow all parties to access the market without relying on any central organization for market access. As the user’s funds are not stored at a centralized location, the technology eliminates the risk for attacks or facing any other malicious consequences. This exchange manages to trade tokens using ethers among multiple users efficiently with top-notch security, without risks of losing funds or getting the system hacked. Ethereum Ganache is used as a local in-memory blockchain which would consist of the availability of a number of accounts funded with test ethers and will be used for deploying the smart contracts and storing the data in the blockchain. Metamask wallet is used to fill ethers which can be used for transactions across the networks. This exchange is tested using the truffle framework which is responsible for the compilation and testing of smart contracts.

Keywords: Ethereum, Metamask Wallet, Blockchain etc.


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