Project Title: Web Enabled Secured Loan Sanction Application using Smart Contracts on Blockchain Technology
Team Members
Dr. G. Padmavathi, Dean - PSCS, Professor, Department of Computer Science
Dr. G. Geetha, Senior Technical Assistant, Department of Computer Science
Ms. A. Roshni, Research Assistant, Centre for Cyber Intelligence, DST - CURIE - AI
Ms. S. Kavya, Master of Computer Application
Project Summary
Blockchain is a decentralized ledger that is used to securely trade digital currency, as well as to conduct and handle transactions. Banking systems can migrate from their current methods to a digital, immutable, and distributed ledger that Blockchain can provide. The necessity for collateral, the time necessary for settlements, currency denomination variations, third-party mediation, and other issues all complicate Loan transactions. Fraudsters are particularly interested in multi-step procedures that need human participation. Information may be transmitted in real-time with blockchain, and the ledger can only be altered with the agreement of all parties. This can help save time, money, and the potential for fraud. It's also less probable that a party won't be paid if the completion time is shortened.
This project deals with the development of an online transaction application using Ganache and Metamask Wallet by the means of Ethereum as a digital currency. The Process of Web Enabled Loan Sanction Application using Smart Contract with Blockchain Technology comprises eight phases. In phase 1, a metamask wallet extension is created to add Ethereum. Phase 2 deals with collecting Ethereum (digital currency) in the form of tokens to activate metamask Wallet. Phase 3 involves the initialization of Ganache Software to show the transact from one account to another account using metamask wallet. In Phase 4, a linkage between Ganache software with metamask wallet is created. In Phase 5, a web application is designed using HTML, CSS, JAVASCRIPT, PHP, and MySQL to prevent fraudulent attacks on sanctioning of loans through the decentralized process. In phase 6, smart contracts are created using Solidity programming environment and are deployed in the backend, which runs on Ethereum simulator Ganache and Ropsten testnet. In Phase 7, in order to test the smart contract Remix IDE desktop application is used to validate the smart contract to ensure authentication security. In Phase 8, finally, a decentralized banking application is developed using Ethereum with the support of metamask chrome extension have been done efficiently using Blockchain Technology.
