Enhanced UPI Technology for Secured Banking Transactions in Blockchain Platform

Abstract

The dependency on Unified Payments Interface (UPI) technology has increased a lot with all sorts of banking transactions. UPI provides high level of simplicity and privacy in financial transactions, which made it the most popular and highly demanded technology in India. So many researches are going on in terms of the methods for improving the security as well as interoperability features employed in UPI. The security of financial transactions should be ensured from transaction request till confirmation of transaction. In these levels, Blockchain platform can provide efficient contributions as compared with other existing network platforms. Immutability and distributed networking are the key features that help Blockchain platform in meeting with this criterion with the power of smart contracts. Blockchain provides tamper proof data storage with the help of encryption and consensus mechanisms. This paper describes the required features for a Blockchain based secured UPI technology.