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Financial Fraud Detection and Prevention Using Blockchain and Integration of Hyperledger
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Financial Fraud Detection and Prevention Using Blockchain and Integration of Hyperledger
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Journal Article
Financial Fraud Detection and Prevention Using Blockchain and Integration of Hyperledger
2024
Overview
Global economies are continually threatened by financial frauds and crimes, resulting in large financial losses and ersosion of public confidence in banking institutions. Conventional methods of identifying and preventing fraud often prove ineffective due to their reactive nature and incapacity to handle large-scale transactions. This paper investigates the potential ofblockchain technology as a prompt resolution for detecting and preventing financial fraud. Blockchain's inherent features of decentralization, transparency, and immutability can establish a strong framework for secure and transparent financial transactions. By utilizing the distributed ledger and smart contract features of blockchain, it is feasible to create a system that can identify fraudulent activities in real-time and prevent their occurrence. The paper explores the workings of such a system, discusses its potential advantages and challenges, and provides insights into its practical implementation. The results could herald a new age in financial security, with blockchain technology playing a crucial role in combating financial fraud and crime. In addition, the paper also delves into the integration of Hyperledger, a permissioned blockchain framework, as a strategic component in the development of the proposed system, enhancing the security and efficiency of global financial transactions.
