Cross banking transaction system using multichain blockchain systems

Abstract

Money is the most common form of exchange for goods and services across the world. Ensuring that this money is kept safe and transferred to the right person has been essential ever since the concept of money has been present. In this research paper we will be introducing a new method of creating transactions using smart contracts in a permissioned blockchain to ensure secure transactions across the globe. This will not only boost security, but may also increase efficiency and reduce overall compute overhead. The framework of choice for this paper is Hyperledger Fabric (HF) as HF provides us with a permissioned blockchain capable of creating channels to facilitate multichain functionality and can utilize smart contracts to perform information exchange without a cryptocurrency requirement. Using HF also allows us to set up a hierarchical setup with unique policies as required by the system design.