Mobile Payment Using Blockchain Security

Abstract

Blockchain has become one of the most common methods for securing transfer data through decentralized peer-to-peer systems and has received extensive attention in recent years. Blockchain is an immutable ledger that allows the execution of a transaction in a secure and decentralized manner. This sophisticated but secure mechanism has an excellent reputation and has increased its customer base. Despite substantial attention, the blockchain system has many challenges that must be addressed. This paper proposes a solution that provides a standard framework for mobile payments using blockchain technology. We further discuss security-related issues and attempt to determine the potential pitfalls with which such mechanisms can be exploited. We also investigate how popular currencies such as Bitcoin utilize security arrangements for safe transactions via mobile devices.