Using Blockchain Technology to Improve Security of Financial Transactions - a Design Proposal

Abstract: Blockchain technology is a relatively new research area. Nonetheless, it is surrounded by a great deal of interest due to its promise of heightened security. This project focuses on blockchain technology as applied to the financial industry. More specifically, within the scope of this project a decision support system for implementing blockchain is constructed. A product, akin to a calculator, for banks and financial industries to use when having decided to implement blockchain technology. The result of this project is a finished product, namely such a support system. This also entails presenting an analysis of which algorithms and protocols are to be used and why, as well as a comment on the legal requirements of such a system. Finally, results from running the finished product are shown and the overall quality and usability of the constructed support system is analyzed.