Abstract:

Abstract – Cheques have been long considered an accepted mode of non-cash payment: they have been in common use of transactions since the late 1980s and very early 1990. However, clearing a cheque is time-consuming and expensive, often taking at least two days to clear. As well, cheque fraud has rapidly increased due to the progress of technology that makes easy for fraudsters to perpetuate the system. In the proposed project, we are going to develop a system that uses blockchain technology to enhance security for payers and payees. Both parties' information will be encoded as hash codes, ensuring data security. We will use Ethereum blockchain and Python programming language to implement the system. This innovation will enable cheque clearing in less than an hour. It will be digital and paper cheque supporting; hence, users will issue, verify, and clear the digital cheques, and in the case of paper cheques, scan and upload for verification and clearance.

Description:

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