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AUTHOR(S): Arshdeep Singh Sodhi, Sanjana Das, Sathyapriya L.
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ABSTRACT Blockchain functions as a decentralized and distributed ledger technology, ensuring the secure recording and verification of transactions across a network of computers. It tackles trust, transparency, and resistance to tampering in conventional centralized systems by creating a clear and unalterable transaction record, eliminating the necessity for a central authority. Addressing trust-related challenges in transactions, Blockchain eliminates intermediaries, diminishes fraud risks through cryptographic security, and boosts transparency by establishing an immutable shared transaction history. The proposed system, built on a blockchain foundation, aims to securely and efficiently store purchase details by utilizing a duplicated and distributed digital ledger of transaction records across all participant computers in the network. Key features such as immutability, enhanced security through smart contracts and encryption, digital ownership certificates for authenticity verification, and a user-friendly search function contribute to the secure storage of purchase details. This innovative system extends the transformative impact of blockchain to the insurance industry, providing a decentralized alternative to counter centralization, inefficiency, and high costs. The result obtained enabling direct transactions between users and eliminating intermediaries, the system reduces frictional costs and enhances trust and transparency in insurance practices. This groundbreaking approach signifies a shift towards a more secure, efficient, and transparent future for both purchase record management and insurance processes, leveraging the full potential of blockchain technology. |
KEYWORDS blockchain, decentralized ledger, smart contracts, cryptographic security, transparent future |
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Cite this paper Arshdeep Singh Sodhi, Sanjana Das, Sathyapriya L.. (2024) Implementing Blockchain and Smart Encryption for Immutable Purchase and Generates Digital Ownership Certificates. International Journal of Economics and Management Systems, 9, 72-77 |
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