Utilizing Hyperledger Based Private Blockchain Technology to Secure Credit Card Payment System
Saiara Jahan Chowdhury, Era Aich, Saha Reno, Mamun Ahmed
Abstract
A traditional credit card payment method involves using a third party to validate the transaction. Anyone using a credit card for online purchases exposes themselves to the risk of identity theft. Also, multiple costs are connected with a transaction using a payment gateway. These costs are typically concealed and unknown to customers. Many studies have been conducted on using public blockchain technology to secure e-commerce payment systems, e.g., Bitcoin and Ethereum. Unfortunately, the information and transactions stored in a public blockchain are open to anyone, destroying confidentiality. To address these inadequacies and decrease the danger of stolen credentials, we proposed a solution for protecting credit card transactions using Hyperledger Composer-based private blockchain technology. This eliminates the need for a third party to process a transaction and the hidden fees seen in the standard credit card payment system. Only the privileged participants can retrieve the credentials and transactions, which is ensured by the Access Control feature of Hyperledger. Moreover, a minimum of 3000 transactions per second can be executed in our proposed system, whereas the public blockchain has a throughput of only 2-3 TPS. These transactions are immutable as well as non-removable and the query feature, which is exclusive to Hyperledger, can be utilized for instantaneous retrieval of information from the ledger.