BPS: Blockchain Based Decentralized Secure and Versatile Light Payment System

Abstract

In the presentage, online paymentsystem is a very simple practice.But manypeople use this system to manipulate people’s money. Many are trying for finding a variety of solutions. Butthereis no way to stopthatcrime.Blockchain’syoke is a blessing.Usingblockchainisaveryeasywaytocompletea paymentwithoutmakingany mistakes.Hackerwill never find a way to do theirworkin this kindof system. OurSystem is full workedwith Blockchain.Basically, we choose blockchainas our projectbecauseit is the most secureway to do a transaction in everyonlinesystem.Thecentralbusinessmodelis basedon a database management system. Once accomplishedthe security of the transaction can no longer be guaranteed. On the otherhand, itis really expensivetoresolvepossiblefraudtransactionsby a middle man.Aiming at solving issues concerningsecurityand worthlessness,there is a proposalof a model which is completely madeofblockchainsystem.InOursystemtherearemany blocksof information of eachandeverytransaction. Wehave proposedan algorithm.The algorithm will make consumersable to transact through cryptocurrency in blockchainnetworks.It is totally different from the fiat system where consumers will be able to transact without the help of thirdpartiesand vendors can also be relievedwith theirtransaction. Thistypeof transaction will be very comfortablefor both consumersand vendors. Consumers along with vendorscan see the whole transaction date, time and everythingthatthey dealtwith when the transaction was held.