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Abstract

Blockchain technology is defined as a decentralised-systems where the ledger that records the provenance of a digital asset is distributed amongst the users of the blockchain network. Blockchain stores and shares data in a distributed, trusted and immutable manner, removing intermediaries, and not requiring a centralized dependency for checking transactions. Transparency in blockchain provides a less complicated method for accessing ledger-based transactions over networks and makes the system more reliable in terms of data security. The technology is not actively used in today’s world due to lack of research and infrastructure and hence the purpose is to modify the algorithms that can be implemented in the existing technology towards the fintech industry and help developers tackle their problems regarding financial data of the users. We surveyed plenty of resources and came across the concepts of distributed hyperledgers, integrated system architecture and secured hashing algorithms [SHA]. Using these concepts as a base we developed algorithms that are interestingly well grounded based on the statistical results gained by us while testing the algorithms. Our research indicates that the proposed algorithms can be implemented into today’s technical infrastructure resolving some of the key issues faced by the users using fintech and digital transactions for their day-to-day financial operation.

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