Vol-9 Issue-3 2023 IJARIIE-ISSN(O)-2395-4396

E WALLET SYSTEM USING BLOCK

CHAIN TECHNOLOGY
Nikhil Nikam1, Rushikesh Mane2, Sidhharth Sonkamble3, Tejas Salunke4
1
Student, Department of Information Technology, G.S.Moze College of Enginnering, Maharashtra, india
2
Student, Department of Information Technology, G.S.Moze College of Enginnering, Maharashtra, india
3
Student, Department of Information Technology, G.S.Moze College of Enginnering, Maharashtra, india
4
Student, Department of Information Technology, G.S.Moze College of Enginnering, Maharashtra, india

ABSTRACT

In 2016, the Indian government, led by Prime Minister Narendra Singh Modi, anounounced that the nations two
highest-denomination bank notes would cease to be legal tenders. At the time, the two denominations accounted for
roughly 86 percent of cash in circulation in India. People who possessed the banknotes were to deposit them in the
bank. With the move, the Indian government aimed to punish tax evaders in retrospect. The logic was that people
with hoards of black money would have to answer questions if they attempted to deposit the demonetized banknotes.
Banking and technology are very closely associated and innovations have changed banking drastically over the
period of time. The digital innovations in the banking sector started with the introduction of money that replaced the
barter system and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation
which is changing the banking sector globally is Blockchain Technology (BCT). Blockchain is shared distributed
ledger which stores business transaction to a permanent unbreakable chain which can be viewed by the parties in a
transaction. Blockchain technology has the potential to disrupt the nancial business applications as it provides
permanent and tamper proof recording of transactions in a distributed network.

Keyword : - Blockchain,Banking,Cash,Tax,Transaction.

1. INTRODUCTION

India is currently the seventh-largest economy in the world. It currently has an esti- mated population of about 1.34
bln people, or about 18 percent of the worlds pop- ulation, according to the World Economic Forum. Despite its
GDP dropping by roughly 5.7 percent in the quarter that ended June of this year, India remains the fastest growing
large economy in the world other than China. If estimates are any- thing to go by, India will have overtaken China as
the worlds most populous country by 2024, which would help solidify its position as the nation with the worlds
largest youth population. The World Economic Forum also projects that Indias economy will be the second-largest
economy in the world by 2050, with China occupying the first position. Poor as the policy might have been for
average Indians, though, there were bright spots for proponents of a cashless economy. The World Economic Fo-
rum reported that the number of digital transactions in India increased following the demonetization policy a plus for
the government, who would now have increased ability to track the flow of money within the economy. The growth in
digital transac- tion in India is, in turn, a big plus for Blockchain and cryptocurrency. Just about 0.5 percent of the
people in India are into Bitcoin, the cryptocurrency that popularized the Blockchain technology. By inference, if
such few people in India know about Bitcoin, its safe to say that only about 0.5 percent of Indias population is
conver- sant with Blockchain technology. However, on the national level, a lot of work is going on to integrate
Blockchain technology into various sectors of the economy including the financial and health sectors. In 2016, the
Indian bank, ICIC Bank, an- nounced that it had completed a cross-border transaction executed on a Blockchain. In
September of this year, the Institute for Development and Research in Banking Technology, or IDRBT, founded by
the Reserve Bank of India, announced plans to launch a new Blockchain platform. The Reserve Bank of India is
Indias central bank. The announcement followed a report published by the IDRBT in January of this year, that India
could use Blockchain to digitize its national currency, the rupee. Given the positives increased tax payments, for
instance that the demonetization policy in India has yielded through increased digital transactions, its plausible that

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the Indian government will double down on its drive to grow a cashless economy. There are some challenges, but it
seems promising. If, as in any place in the world, the Indian government wants to boost its cashless economy, it
needs to find lasting solutions to the challenges confronting the propagation of a cashless economy. Some of those
challenges include financial inclusion, high setup and transaction costs and transaction times.

1.1 Motivation
The digital innovations in the banking sector started with the introduction of money that replaced the barter system
and then the gradual replacement of wax seal with digital signatures. One such disruptive innovation which is
changing the banking sector globally is Blockchain Technology (BCT). Blockchain is shared distributed ledger
which stores business transaction to a permanent unbreakable chain which can be viewed by the parties in a
transaction. Blockchain technology has the potential to disrupt the nancial business applications as it provides
permanent and tamper proof recording of transactions in a distributed network

1.2 Problem Definition and Objective

1. If, as in any place in the world, the Indian government wants to boost its cashless economy, it needs to find lasting
solutions to the challenges confronting the propa- gation of a cashless economy. Some of those challenges include
financial inclusion, high setup and transaction costs and transaction times.
2. Due to a considerable segment of the Indian economy remaining informal, theres still a huge part of the population
that doesnt rely on traditional financial institutions for financial services. Based on the cashless technologies
employed today, most people would need a bank account in order to live in a cashless economy an uphill battle. In
essence, for you to run a cashless economy, youll need an alternative to traditional financial services.

1.2.1 Objective
1. To implement a java based web application.
2. To implement AES.
3. To implement visual cryptography.
4. To implement block chain.
5. To implement distributed database system using WLAN.

2. Literature Survay

Sr. Title Authors / Advantage Description

No. Year

The Didik Haryadi

1. y This study aims to analyze the design
Implementation
; Harisno of e-money, as well as provide some
of E-money in Cryptography
; Vic- development ideas that must be done
Mobile Phone:A
tory Haris related to the implementation of e-
Case Study at PT
Kusumaward- money. Here the system uses e
Bank KEB Hana
hana ; payment using QR code and
Harco Leslie encryption technology.
Hen- dric .
Spits
Warnars2018

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2. A Land- Zhaofang Li ; Used Cryp- This study aims to analyze the

scape of Qinghua Lu ; tography design of e-money, as well as
Cryptocur- Ship- ing provide some development ideas
rencies Chen ; Yue that must be done related to the
Liu ; Xiwei implementation of e-money. Here
Xu the system uses e payment using
2019 QR code and encryption
technology.
.

Sr. Title Authors / Advantage Description

No. Year

3. Security Christian BCT This work presents the design of a

Manage- ment Killer ; security management dash- board for
and Bruno BloSS, designed for in- teractive use
Visualiza- Rodrigues by cyber security analysts. This work
tion in a ; Burkhard is about DDos attacks in defense
Blockchain- Stiller 2019 system.
based Col-
laborative
Defense

4. On the Ef- Sean Kang BCT This paper addresses the to- ken
fectiveness of ; Kideok Cho classification, the reason for adopting
Multi- ; Kyle Park multi-token economies and the
Token 2019 effectiveness of them. We analyze the
Economies Steemit as a representative example of
multi- token economies. We describe
how the multi-token economy has
been working and show the
distinctive features of multi- token
economies. We also pro- pose the
evaluation criteria for multi-token
economies.

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5. Digitizing Van-Cam BCT This paper proposed implemen- tation

Invoice and NGUYEN ; of VAT system as an on- line system
Managing Hoai-Luan using BCT. A dis- tributed database
VAT Pay- PHAM ; system is used in online system.
ment Using Thi-Hong System can be prevented from
Blockchain TRAN ; hacking using BCT.
Smart Contract Huu-Thuan
HUYNH ;
Yasuhiko
NAKASHIMA
2019

3.SOFTWARE REQUIREMENT SPECIFICATION

3.1 PROJECT SCOPE

To develop prototype model for cashless india using BCT.
This model will be run at local host using Glassfish server.
BCT features such as decentralization, cryptography and hash codes will be implemented.

3.2 ASSUMPTIONS AND DEPENDENCIES

This document will provide a general description of project, including user re- quirements, product perspective, and
overview of requirements, general constraints. In addition, it will also provide the specific requirements and
functionality needed for this project such as interface, functional requirements and performance require- ments.

3.3 FUNCTIONAL REQUIREMENTS

Functional user requirements is nothing but very high-level statements about what the system should and also it
should describe clearly an overview of system services in detail.

3.4 EXTERNAL INTERFACE REQUIREMENTS

3.4.1 User Interfaces

The user interface or UI for the software should be compatible to be used by any standard browser such as IE, Mozilla
or Google chrome. Using this UI user can have access to the system. The UI or user interface can be developed by
using many tool or software package like JFrame.

3.4.2 Hardware Interfaces

A hardware interface is needed to run the software. Java (JDK) and NetBeans compatible hardware is required
which is minimal requirement.

3.4.3 Software Interfaces

It uses Java as the front end programming tool. MySQL has been used as back end application tool. Latest version
of java anything higher than 7.0 can be used.

3.5 NON FUNCTIONAL REQUIREMENTS

3.5.1 Performance Requirements

• System can work optimal or faster on 8 GB or more of RAM.

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• The system is targeted to be available all time. Once there is a fatal error or system down, the system will provide
understandable feedback to the user.

3.5.2 Safety Requirements

• The system is designed in modules where errors can be detected.

3.5.3 Security Requirements

• The system is designed in modules where errors can be detected and fixed easily.

3.5.4 Software Quality Attributes

• Usability:
This relates to how easily people can use app/website. A measure of us- ability could be the time it takes for end
users to become familiar with my app/website functions, without training or help.
• Reliability:
This can be defined as the available time or UP time of software.
• Performance:
This is essentially how fast app/website works. A performance requirement for the app/website could be start in less
than 20 seconds.
• Security :
Say that app/website saves all the previous code and lets you reuse a saved code.

3.6 SYSTEM REQUIREMENTS

3.6.1 Database Requirements MySQL Database

MySQL is on open source database which is mainly a RDBMS i.e. relational database management system. As a
database server, primary function of this soft- ware is to storing and retrieving data as requested by other from end
software ap- plications like java which may Or may not run either on the same computer or on different computer.
This can be across the network either in internet or intranet.

3.6.2 Software Requirements

1. Operating System: Microsoft Windows 7 and Above
2. Programming Language: Java
3. IDE: Netbeans, Android Studio

3.6.3 Hardware Requirements

1. Processor: Intel Core I3 or Higher
2. RAM: 4 GB or Higher
3. Hard Disk: 100 GB (min)

3.7 ANALYSIS MODELS: SDLC MODEL TO BE APPLIED

SDLC model to be applied Waterfall Model:

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Figure 3.1: Waterfall Model

4. CONCLUSIONS
Thus we are have implemented a prototype web based software application in Java for application of BCT for
cashless economy . We have implemented block chain features such as: 1. Decentralization 2. Visual Cryptography
3. Hash Al- gorithm 4. Encrypted Database. Thus it is possible to track every transaction in cashless system using
BCT. Also the system can be transparent using BCT.

1. FUTURE SCOPE

In future we will try for sponsorship from government and will implement a project on large scale with some
domain and hosting space online.

2. APPLICATIONS

1. Enterprises
2. Government Organizations
3. Banking Sector

5. REFERENCES

[1]. 1.F. Lv and S. Chen, ”Research on Establishing a Traceability System of Quality and Safety of Agricultural
Products Based on Blockchain Technology,” Rural Finance Research, vol. 12, pp. 22-26, 2016
[2]. Y. Yang and Z. Jia, ”Application and Challenge of Blockchain Technology in the Field of Agricultural Internet of
Things, Information Technology, vol. 258, pp. 24-26, 2017.
[3]. S. Nakamoto, ”Bitcoin: A peer-to-peer electronic cash system, Consulted, 2008.
[4]. Y. Yuan and F. Y. Wang, ”Blockchain: The State of the Art and Future Trends,” Acta Automatica Sinica, 2016.
[5]. Y. Yuan, T. Zhou, A. Y. Zhou, Y. C. Duan, and F. Y. Wang, ”Blockchain Tech- nology: From Data Intelligence to
Knowledge Automation,” Zidonghua Xue- bao/acta Automatica Sinica, vol. 43, pp 1485-1490, 2017.

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[6]. Y.-b. Zhang, ”The New Ecosystem of Cross-border E-commerce between EU and China based on Blockchain,”
China Business And Market, vol. 32, pp. 66-72, 2018.
[7].T. Hong, ”Accelerating the Application of Blockchain in the Field of Agricul- tural Products E - commerce in
China,” Journal of Agricultural Information, pp. 18-20, 2016.
[8].Y. Yuan and F.-Y. Wang, ”Parallel Blockchain: Concept, Methods and Issues,” IEEE Acta Automatica Sinica, vol.
43, pp. 1703-1712, 2017.
[9]. Andreas M A. Mastering Bitcoin: Unlocking Digital Cryptocurrencies. O’Reilly Media, 2014
[10]. Jerry B, Andrea C. Bitcoin: A Primer for Policymakers. Mercatus Center, George Mason University, 2013.

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