Self-Mining Blockchain Mobile Unified Payment Interface
- Resource Type
- Conference
- Authors
- Hule, Kuldeep; Dashrath, Arjun; Gupta, Ashwin
- Source
- 2021 International Conference on Computing, Communication and Green Engineering (CCGE) Computing, Communication and Green Engineering (CCGE), 2021 International Conference on. :1-7 Sep, 2021
- Subject
- Communication, Networking and Broadcast Technologies
Computing and Processing
General Topics for Engineers
Power, Energy and Industry Applications
Signal Processing and Analysis
Industries
Online banking
Memory
Mobile handsets
Cryptocurrency
Blockchains
Servers
blockchain
cryptocurrency
mobile payment
banking technology
unified payment interface
SegWit
- Language
In the last decade, the blockchain industry has solidified itself as one of the most secure forms of data storage. The emergence of extremely secure cryptocurrencies that have a plethora of advantages over regular internet banking has brought about a revolutionary change in the banking industry. The mobile payment users have skyrocketed with an estimated proximity mobile payment transaction user count of 1.31 billion in 2023. Therefore, there is a need for a cryptocurrency based unified payment interface (UPI) that would grant additional security and improve the transaction process drastically over the existing mobile payment system. We worked out on this aspect and proposed a scheme that would allow mobile devices to mine blocks themselves and generate their own transactions rather than depending on third-party services or bank servers.