Leveraging smart contracts for enhanced traceability and security in bank transactions on a blockchain platform

Traceability of transaction have been an issue facing the financial institution for a long time. The banks are the actors who have overall responsibility for financial transaction, thus placing them in a position of responsibility for realizing the traceability demands. The bank has the coordinating role in financial transfers as well as performing tasks during transaction. Due to lack of traceability, a lot of fraudulent activities go on without being detected one of which is the issue of fake alert system, where money could assume to be transferred to a recipient account and yet not reflect in the account balance. It needs to be established that financial traceability is a problem that requires solution. In other to address these, blockchain technology which is a noble disruptive technology that is tamperproof, secure and transparent and store hash value of data is the most viable way of addressing the challenge of traceability of financial transactions.