Blockchain technology is playing a crucial role in protecting the online data and transaction with its advanced features because its structure stores the transactional records which are known as chain through a modern network. Simply, it’s a distributed ledger that maintains the data of consumers in the form of a digital asset. For instance; Bitcoin Block covers the data about message sender, receiver, number of transferred bitcoins, and the primary block in the chain is known as Genesis block. This tool is used for establishing cryptocurrencies and protect the information from getting misused. As a result, the Banking sector has increased the use of Blockchain technology in their service provider such as; used in credit card for security purpose and safeguard the personal information of customer in blocks which are not shared by any individual. At the same time, credit card security is an essential approach to stop online hacks and online fraud. In this modern-day era, the hacking of online platforms helps the intruder to hack the credit card. In the current research paper, credit card fraud is the main use, whereas the main measures will also be delivered.
This study will investigate credit card security measures Blockchain technology. More specifically, the study will explore areas where the Blockchain technology can be applied for maintaining data security during credit card transactions. This is a qualitative research and collected data are mainly research articles, and the data analysis method is thematic analysis. Privacy & security and risk model has aloe been discussed in the proposal. This proposal will shed light on the different measures to mitigate different issue related to security measures by the implications of Blockchain technology.
Credit card is also known as plastic money which is issued by a financial organization like; Banking sector their trustable customers whose are having a heavy bank balance in order to borrow funds from Bank in the form of short term loan. Therefore, this card also needs a major security measure to protect the money from any misuse or fraudulent activities. Whereas, Blockchain technology is a kind of structure that stores the transactional records in it that is also considered as a block, public databases, and a chain network which connected via peer-to-peer nodes. Hence, the banking sector is using Blockchain technology to protect their issued credit card from any misuse because it’s a matter of money which is the most indispensable aspect of a financial company (Lindman, Tuunainen and Rossi, 2017). This area is very much interesting for researchers because it gives a glimpse of security techniques and innovations of the IT department in supporting the entire world with advanced features. Along with this, enhance the knowledge about credit cards and how it is secured by the financial sector with the use of additional technology such as; use of Blockchain technology.
Interestingly, the relationship between two popular technologies is going to investigate in this report which increases the knowledge about human creativity, their achievement, and efforts in facilitating the entire society. At the same time, every researcher love to investigate something creative due to which it’s the most significant subject for other researchers too because Blockchain technology and credit security measures are connected with several other creative aspects. Mainly, it’s a river of creativity which always help another researcher in enhancing their knowledge about the IT industry because Blockchain and credit card is full of other additional innovation. Some of the major keywords which link with these two terms are; cryptocurrencies, block, network, plastic money, borrowing of money, charge card, ATM, a double-spending problem, protocol, and many more.
Blockchain technology is a very broad concept and its security measures are expanding day-by-day with lots of uniqueness. Additionally, offering a high range of security protection to credit card users through which IT companies are enhancing their data protection services. As a result, extensive knowledge about different models, and all the findings will be effectively analysed in this research paper. This research is having a great opportunity to get extended as Research Project A Credit Card security measures by focussing on other aspects of Blockchain technology such as; the significance of Biometrics security in plastic money. Additionally, proper canalization and proper understanding of the inner side of credit card hack s are very vital. Baddeley et al. (2015) analyzation is very effective for providing a perfect conclusion. Furthermore, this research paper will provide
This research project is revolving around credit card and Blockchain technology in order to understand the security measures of the credit card by the use of Blockchain technology. Therefore, the major objectives of this research is mentioned as follows-
⦁To analyze the concept of credit card and Blockchain technology.
⦁To identify the need for security measures in credit cards.
⦁To analyze the impact of Blockchain technology upon credit card.
⦁To ascertain the relationship between credit card security measures and Blockchain technology.
⦁To identify the implication of blockchain technology for credit card security
Blockchain technology is a very broad concept that plays a very significant role in the security measures of the financial sector due to which several authors and scholars have mentioned their viewpoints upon this subject. Along with this, few articles outline the action which is taken by the financial association to protect credit card security with the use of Blockchain technology (Risius and Spohrer, 2017). Hence, a literature review is going to cover all the elements of credit card security measures under Blockchain technology to attain the set objectives of the research.
Credit card hacking is a major issue in the economic market of Australia. The government of Australia has been focused on mitigating this issue. As this can help the government to collect tax, whereas the tax fraud can be mitigated using a credit card. The economic factor of the country has also been affected due to hacks in the credit card. Bahnsen et al. (2016) commented that continuous change helps an economy to bring sustainability, a client with less number of risk can able to increase the use of credit cards. In this era, traditional methods have been an issue, whereas a lack of use of online platforms often affects the sales rate and brand equity. On the other hand, the company has been focused on the sales rate; a company with good sales rate can able to increase the performance. Zareapoor and Shamsul Maali (2015) commented that the traditional way of transaction often affects the overall process, whereas it helps in increasing the organizational productivity level.
Figure 1Credit card structure
Blockchain technology is considered as a growing list of records which is known as blocks which are fully connected using cryptography. Every block covers a cryptographic hash of preceding block and transaction information which commonly presented as a Markle tree. It’s an open distributed ledger that involves recording the transaction incurred between two parties effectively. According to the article of Ameer Rosic (What is Blockchain Technology? A step-by-step Guide for Beginners), Blockchain is a simple term and a time-stamped series of unchallengeable records of necessary information which is managed by a bunch of computers without own by any single firm. Every block of data is safe and bound to each that is using cryptographic principles (chain). A specialty of this technology is that network of Blockchain is not having any central authority whereas it’s a clear definition of a democratized system. However, its sharing nature and undeniable ledger provide an opportunity for every individual to see the data. Therefore, Blockchain technology is very much transparent and individually engaged in it are responsible for their set of actions (Zhang and Wen, 2017). Simply, it’s a passing of relevant information from A to B is a properly automated or safe way. Blocks of this technology are verified by thousands of computers that are distributed around the internet. As a result, a verified block is further added into a chain which stored across the internet without designing any unique record but exclusive record with inimitable history.
Figure 2The Ultimate Blockchain Technology Guide: A Revolution to Change the World
On the other hand, MIRIAM CALDEWLL, 2020 states that credit card is a card that permits users to borrow capital against a line of credit which is known as credit card’s limit. It’s plastic money which is offered by the Banking sector to their desired consumers in the form of short term loan. This card is used by customers to accomplish their basic transactions such as; electricity bills in which the bank pays the amount to the merchant and later when the customer receives the bill them then they can pay the amount to the bank. At the same time, banks charge interest on purchase whereas customers are also having an opportunity to reduce their interest by avoiding the carrying of balance and pay the amount monthly. On the other hand, the author also states that credit card is having a very highest interest rates which show that it’s a negative mode of acquiring money but somehow it helps individuals during uncertain situations. In fact, the credit card balance of customer and history of payment also influence the credit score of a customer which either enhance the goodwill in the banking sector or might destroy the image (Awasthi, Johri and Khatri, 2018).
According to Article 4: Security measures, acquiring consumer trust is the most significant element for online stores and e-commerce sites especially in a credit card because this card is designed for giving short term loans to consumers at the time of need. Therefore, it is essential to take extra care while managing credit card data and personal information that is received from users. In fact, security measures are essential for providing customers so that they can enjoy safe and secure online shopping as well as ensure trustworthiness on online stores and e-commerce sites. At the time of using an online store or business, it is indispensable for customers to consider some major points while selecting a payment service provider. At the time of using a credit card, the buyer needs to enter their data such as; address, name, and card number. As a result, security measures are significant to protect these leakages of personal data of users (Singh and Kim, 2018). As per the Internet White Papers of Internet Association Japan, maximum purchasers are selecting credit card options to complete their online payment process. Hence, approximately 51.9% of credit cards are holding top share amongst internet payment techniques. It proves that almost half or more than that use of online want to pay by using a credit card. There is several companies involved in offering credit cards to overall society to facilitate them with advanced services in payment services so that they can sign bulk agreements at once. Due to the increase in users, companies are trying to come up with advanced features in technology to enhance the security of credit cards so that consumers feel comfortable and safe while using plastic money.
According to current scenario, number of technologies are identified which is used for maintaining credit card security in order to protect consumers from fraudulent activities but Blockchain technology has played a tremendous role in it. At the same time, few are using other technology also to prevent data from getting missued from which Data-driven model is the statistical model used by the engineer to understand the vectors that lead to fraud. Credit card fraud is a big issue for the economy of Australia; this model is often used to understand the basics of the fraud and the vector model. Effective data-driven model is often used to understand and analyse all the data effectively that lead to fraud. Randhawa et al., (2018) commented that the data-driven model often helps to find out the fraudulent pattern, whereas analysing all the components in the most effective manner. Data-driven model is trained in the set of transactions, as it cannot be interpreted manually by the modifier. Therefore, it can be stated that the data-driven model can help the engineer to conduct a proper way of analyzation to check the fraudulent. A transaction with the help of credit cards often states as to be vector model; thus, it can be stated that the probability of being fraud can be minimized.
This section is going to highlight the necessary methods which are used in acquiring relevant information about blockchain technology and distinct research approaches which help research in resolving the questions related to the subject matter. The research problem will be formulated in the present study, as it includes both positive and negative impacts on credit card security. However, the ways of improving the security measures will also be sussed in these methods, Improvisation of the modern software and online platforms of a transaction also improves the quality of credit card security. The variable of this current study will be recognized correctly, whereas analysing the research topic. In this present research methodology, the credit card has been identified as an independent variable.
According to the sociologist of America, Research is a systematic framework of inquiry to discuss, explain, forecast, and control the identified phenomenon. It incorporates inductive and deductive tool which are different from each other as well as used according to set aim or objectives. Inductive type of research is used to asses an observed occasion whereas the deductive tool is preferred by an investigator to verify the observed occasion. Therefore, this project is based on the inductive approach because, in this project, data are accumulated by assessing the observed event. In fact, the inductive approach of research is linked with qualitative research whereas deductive is having a connection with the quantitative investigation method (Flick, 2015). Moreover, research has conducted with some major purpose such as;
⦁To understand that what an enterprise or banking sector expecting from Blockchain technology
⦁What are the arguments which requisite to design around the concept?
⦁What is the necessary evidence which is used for making believe on a selected idea?
Designing of research engulfs the entire strategy which an investigator selects for integrating the several components of study logically and ensures that they can appropriately address the research issues. Simply, it constitutes a blueprint through which the researcher can gather, measure, and assess the identified data. There is a distinct kind of research design is present such as; correlational, descriptive, review, experimental, and many more. But for this research, a descriptive study has been used because of this design aids in briefly describing the concept for identifying the answers of set objectives such as; security measures of Blockchain technology in context with a credit card. It’s a very complex subject due to which descriptive study aids in properly determining answers by describing each aspect in-depth manner (Kumar, 2019).
There are two types of collection method one is primary and another is secondary from which secondary tool has been used primarily in the literature review to acquire the information from various articles. Mainly, primary data is all about survey or questionnaire through which direct questions are asked from credit card users or companies that are using Blockchain technology. But, the main focus of this research project is a secondary source for understanding the complex concept in a more effective manner (Wiek and Lang, 2016). The primary method of data collection has been used; on the other hand, the relevant method of data collection is very vital. For a collection of data, researchers often use a primary and secondary method of data collection techniques. The researcher in this present study has been focused on adopting the primary, method of data collection, whereas a survey will be conducted on the customer using a credit card. Expense opinion can be gathered with the help of this method; the opinion of the customer is very vital for this research paper. Collecting effective information about credit cards hacks helps this research paper to provide a customized opinion about the measures of credit card fraud. Schütze (2016) commented that the primary method of data collection helps a research paper to provide a solution, whereas secondary methods help a research paper to provide an opinion. For beneficiaries of the credit card used, the primary method of data collection has been chosen by this researcher. The primary method of collection of data helps this research paper to provide a valid and reliable solution. For completion of this research paper, a survey will be conducted on 101 customers. Out of 500 populations customer 101, has been chosen for providing effective conclusion techniques.
The analysis method of the study is Thematic Analysis (REFERENCE). According to this method, ???????. To apply this method to the current study I first reviewed papers from the various databases. Then I developed various codes ????. The codes were then grouped unto themes, and the themes became the unit of analysis for the current study.. In the next section details of the above proves is ecplained.- in details (follow the six steps of thematic analysis in relation to your own work) about Thematic Analysis with 6 steps: Apply those steps to your study.
Details of Coding and Theme Extraction
- (anything that you believe must be said in this Chapter, such as Rigor of Study, Credibility of the results, etc etc)
It’s a most significant aspect of a research project which needs to consider by the researcher while acquiring data from various sources such as; follow the principles, don’t misuse the data, acquire permission from the site before acquiring information which is possible by verified email and many more (Mangal and Mangal, 2013).
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