Hybrid blockchain Framework for secured transaction system in small and Medium enterprise sector

Abstract

Blockchain technology is no longer a nascent buzzword in digital cryptocurrencies and has matured a long way through innovation over the years. The journey of evolution has been long starting from the days of Merkle tree to Bitcoin development, blockchain transaction, development of Ethereum blockchain, innovation of smart contracts and hyperledger, development and implementation of decentralized applications, Blockchain as a Service (BaaS) and so on and so forth. It has come a long way since its incubation. The technology has shown the world its benefits in securing data and gradual acceptance in every industry. The technological growth in recent years has been inviting threats and vulnerabilities both internally as well as externally. Well aside internal threats, corruption, scams and money laundering cases are increasing day by day. Data transparency has been declining and the data speculated may not be necessarily correct. Data can be changed, altered or hacked for various monetary gains, personal enmity. Wrong data can be portrayed to evade complications. In most of the cases, data is managed centrally, requires an intervention of central authority.