Blockchain based Transactions in any Financial Application

Abstract: The financial industry recognizing blockchain technology as ever-changing force that changes how the financial systems are working. The tech-nology allows organizations to build financially secure and transparent systems which avoid central control by any single authority. This research explores the development process of implementing blockchain technology for a financial application. The application merges multiple blockchain elements namely smart contracts and distributed ledgers and the InterPlanetary File System to solve current financial transaction problems. Traditional centralized go-betweens lead to the typical issues which include high costs together with slow speeds and the possibility of fraud. Our system aims to deliver a risk-free platform which ena-bles users to conduct safe monetary deals and digital asset management while facilitating peer-topeer trading. The functionality of this application is achieved through Ethereum smart contracts. Financial data recording through these contracts results in non-changeable information that can be verified easily through automatic transac-tion processes without human approval steps. The system combines IPFS stor-age with transactions to preserve related files and images. The system maintains better security and scalability through this implementation. The system operates on Python as the foundational framework together with Django service for dif-ferent user categories including service providers and consumers. Standard users and service providers each have special functions including product listing and wallet management and secure payment capabilities.