Leveraging smart contracts for enhanced traceability and security in bank transactions on a blockchain platform

Obamehinti Adeolu SEUN; Adekunle ELUDIRE; Araoluwa Simileolu  FILANI

doi:10.24193/subbeng.2024.1.1

Authors

Obamehinti Adeolu SEUN Joseph Ayo Babalola University, Nigeria, lebiobamehinti@gmail.com (*corresponding author) https://orcid.org/0000-0002-8150-6032
Adekunle ELUDIRE Joseph Ayo Babalola University, Nigeria, aaeludire@jabu.edu.ng https://orcid.org/0000-0002-3911-3809
Araoluwa Simileolu FILANI Joseph Ayo Babalola University, Nigeria, asfilani@jabu.edu.ng https://orcid.org/0000-0002-2041-2016

DOI:

https://doi.org/10.24193/subbeng.2024.1.1

Keywords:

traceability, smart contract, blockchain, proof of work

Abstract

Traceability of transaction have been an issue facing the financial institution for a long time. The banks are the actors who have overall responsibility for financial transaction, thus placing them in a position of responsibility for realizing the traceability demands. The bank has the coordinating role in financial transfers as well as performing tasks during transaction. Due to lack of traceability, a lot of fraudulent activities go on without being detected one of which is the issue of fake alert system, where money could assume to be transferred to a recipient account and yet not reflect in the account balance. It needs to be established that financial traceability is a problem that requires solution. In other to address these, blockchain technology which is a noble disruptive technology that is tamperproof, secure and transparent and store hash value of data is the most viable way of addressing the challenge of traceability of financial transactions.

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