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 getti
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. Therefore, this assignment is going to highlight the effective use of Blockchain technology in managing data of credit cards and establishing a positive relationship between financial institutions with their consumers. Mainly, a secondary source is used in this research to acquire relevant information from various articles related to Blockchain technology in order to attain set objectives. Thus, some of the major keywords which are going to use in this project are; cryptocurrencies, distributed ledger, security passwords, biometrics, online money transactions, banking sector, and many more elements related to the subject. This study will investigate credit card security measures using 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.
I, ________________, hereby solemnly declare that this thesis contains no material that has been accepted for the award of any other degree or diploma in any other college, institute, or university and is the result of my own research. To the best of my knowledge, this thesis contains no material previously published or written by another person, except where references has been made in the text of the thesis.
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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.
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, some of 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.
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.
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 1The Ultimate Blockchain Technology Guide: A Revolution to Change the World
(Source- HASIB ANWAR, 2018)
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.
As per the viewpoint of Jeremy Cabral, (2020) popularity of credit cards has also maximized the theft and fraud in Australian users as well as across the overseas. According to the information of the Australian Payment Clearing Association, there was almost $437.8 million worth of deception on the Australian issue strategy of credit card and charge cards in 2015. Additionally, fraud has maximized from approximately 58.8% in 2014 to nearly 66.8% per $1,000 spent. Therefore, to protect the users of credit cards from several fraudulent activities, the banking sector has invested millions of dollars into advanced technology such as; Blockchain technology is one amongst all. Apart from this, some of the measures of security in credit card are; Chip-and-PIN technology, detection of fraud, monitoring, SMC code for verification, time of last login, ATM anti-skimming devices, encryption prevention henceforth. All these inventions of the IT department are supporting users and providers too in minimizing the possibilities of fraudulent activities (Yeoh, 2017).
According to the article of Frances Coppola (Can Blockchain Eliminate the Risk of Fraud in Payment Processing Services?) (2020), a central bank was hacked in 2016 February due to which almost $81 million was stolen. Moreover, hackers have sent genuine messages from Bangladesh central banks to the New York Federal Reserve with the help of the Society for Worldwide Interbank Financial telecommunications messaging service (SWIFT’s). In fact, millions of capital are disappeared whereas only a few have been recovered. In May 2015, the Justice Department of the U.S has filed a summons against 14 professional and sports organizational executives which are linked with global soccer association FIFA claiming wire deception, money laundering, racketeering, and obstacle of justice over the tenure of almost 25 years. Mainly, transferred is conducted with the use of a network of payment processing services crossing distinct nations. At the same time, financial companies who are engaged also believed that transfers are conducted legitimately whereas DoJ states that fraudulent activities are involved in it. Hence, these instances highlight that nature’s current processing services are making difficult to maintain a proper flow of money across the region (Nguyen, 2017).
Figure 2Article 4: Security measures
Consequently, entering of Blockchain technology is promising secure and tamper-proof digital records because Blockchain is known as a complete and immutable list of assets transferral. Thus, the implementation of Blockchain security measures supports the payment processing service by tracing the entire sequence of wire transferral. Therefore, the promising nature of this technology to perform trusted transactions is the foremost reason due to which the financial sector is increasingly exploring Blockchain. For example; if central Banks of Bangladesh implemented this security tool then surely their money haven’t get stolen and easily trace the transaction to recover the misused money (Jaag and Bach, 2017).
According to the article of Kavya Martin, (2019) arrival of credit and debit card in the banking sector make the life easier for the consumer as well as financial institutions too. With the support of Blockchain, a credit card is becoming more simple and cost-effective too because this technology is using encrypted distributed ledgers that perform with a bank and without financial institutions or clearinghouses.
According to the graphical representation, it has been understood that almost 69% of banks, as well as financial companies, are implementing Blockchain technology with permission. On the other hand, approximately 50% of banks are performing business with a fintech organization in collaboration to introduced their Blockchain payment capabilities.
Moreover, Blockchain helps in enhancing the security of every payment or transaction which is incurred via online processing. In fact, it also introduces new modes of innovation for effective cross-border payments. For instance; BitPesa is a Korean organization that permits an individual to send and receive payments without having any bank account.
This similar kind of Blockchain system of payment is now preferred by several enterprises in distinct countries that didn’t need any local banking infrastructure to help payments. Furthermore, Ripple and IBM are two other major brands that are working hard to introduce their payment system of Blockchain in order to accept payments in local currency and transfer that capital by the use of Blockchain technology. Another major creativity in the growth of the Blockchain payment system is the collaboration of Blockchain and IoT because it helps in modifying the style that how payments are handled as well as tracked on IoT devices.
Intersintngly, Blockchain is having several advancements in context with credit card payments. Cryptocurrencies such as; Bitcoin and Ethereum are designed on public blockchains that are used by any individual for sending and receiving money across the world for accessing fast affordable and borderless payments. Hence, Blockchain technology is entirely transforming the overall situation of handling business transactions at the international level due to which demand for this tool has increased rapidly (Benton and Radziwill, 2017).
Blockchain requisite permission of an individual for payment transaction whereas credit card never asks for permission. Therefore, the primary change of security measure is that all the payments which are incurred via Blockchain require the full consent of the user in order to acquire individual verification. It means that customer of cryptocurrency is having a right to decide that when, how, and under what conditions money is going to transfer. Apart from this, one of the major advantages of using a Blockchain platform for a transaction is that cost is less than 1% which is quite a minimum than payment cost via credit cards (Morkunas, Paschen and, Boon, 2019).
How to blockchain transaction works:
Blockchain is having a safe technology for transferring the payment transactions because there is an absence of additional intermediaries within the network. Whereas, payment via Blockchain platforms gives a fundamentally safe mode for distributing and receiving money. Moreover, there is a presence of transparency in Blockchain due to which it reduces the probabilities of fraud in payment via credit card (Abdullah, Hakansson and Moradian, 2017).
Blockchain platform for cryptocurrency payment:
Payments via Blockchain can’t be seized, stopped, or blocked whereas this problem is very common in credit card transactions as a number of the companies are there who didn’t follow any laws and legal rules. According to the article of Viktor Stoliarenkoon, (2018) principles of Blockchain technology permit an individual to keep an open, clear, cryptographically encrypted list of distinct kinds of transactions dedicated between two pseudo-anonymous parties. As per the statistical surveys, nearly 23% of enterprises are using this tool to protect scams and safety clearance. Hence, it has been understood that credit card can improve their security by transaction by using Blockchain technology in their functioning process (Catalini and Gans, 2016).
Blockchain technology is very complex to understand but easy to implement in the workplace especially the banking sector are using this method for reducing the probabilities of heavy loss of money transferral. Although, it’s a most demanding and maximum used tool for payment processing but hard to handle by common people because the term cryptocurrency is not easy to understand. Thus, some of the major problems regarding this research is a complex of data which is hard to interpret in common language. Along with this, it’s a very costly project because data related to IT requisite expertise members for its explanation to the researcher. At the same time, expensive because materials used in launching of advanced tool consume heavy prices due to which IT industry demand additional charges. On the other hand, employees of a lower level are not able to answer easily due to which the researcher needs to contact experienced people but meeting with higher authority doesn’t possible all the time. Thus, an investigator needs to wait for a longer time to acquire information from an experienced member of the IT department (Al-Saqaf and Seidler, 2017).
Throughout the assessment of literature, it has been understood that Blockchain technology is playing a crucial role in protecting the payment transactions via credit card and reduce the probabilities of fraudulent activities. In fact, several companies in this modern world are using Blockchain tools for smoothly managing their transactions and payments by reducing the chances of mistakes.
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.
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).
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).
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, this research is having a great opportunity to get extended as Research project A by focussing on other aspects of Blockchain technology such as; the significance of Biometrics security in plastic money.
This research is focussing on technology advancement which is the most significant aspect of the entire society and information advanced tools help common people in updating their knowledge in context with the IT department. Mainly, the objectives of this research are useful as it revolves around Blockchain technology which is used by companies for improving their payment services and reduce the probabilities of fraudulent activities from the entire society. Along with this, trust also emerges between an entire society with the presence of Blockchain technology and provides security measures to credit card users. As a result, tensions in the banking sector are also decreased and increase one more service in their product offering which enhances the goodwill of an organization (AlDoaies and Almagwashi, 2018). Moreover, the company is improving its technology to serve best credit card services to their end-users and increase its use over the marketplace. Additionally, research about security measures somehow creates a spark into a technological environment where every competitor and firm are using the modern tool for their data protection. At the same time, encourage other industries and newcomers to use Blockchain technology in their payment transactions to minimize the probabilities of future errors.
From the above research, it has been summarized that the IT industry has accomplished a commendable job in their field by providing the extent level of security in online payment transactions in order to control the chances of theft which are increasing in the current world because of hackers. Therefore, the introduction of Blockchain technology is supporting plastic money in improving its security with the use of blocks or nodes. It has been identified that the money of customers is transferred immediately with the help of digital banking services, informational sources are too broad and even online orders are delivered in just 24 hours. In fact, millions of accounts are spreading around websites but these are prevented only by mentioning weak passwords which include; bank accounts, records of health, birthdays, personal security numbers, and information related to passport. Throughout the report, it is determined that cybercrime is the most dangerous threat for every professional member, industry, and each company that is existing in the world. Hence, the emergence of Blockchain which is a distributed ledger technology helps enterprises and support professional members to create trust in an untrusting ecosystem in order to design a potentially strong online technology. Although, a system of the ledger is decentralized data that is present is transparent and makes available to every specific Blockchain user. With the use of this process, credit users can trust transactions because it provides a high level of information integrity. Mainly, the cybersecurity industry is acquiring lots of advantages from the emergence of Blockchain and its unique features are creating a digital dark wall between hacker or misuser and customer data. Instead of this, research also identified that transparent ledger provides a great opportunity to credit card use of the password-free entry. Additionally, the presence of biometrics such as; scanning of retrica and fingerprints automatically enhance the security of credit card, as well as a ledger, can also create a single-source and unbreakable kind of entry into any private information.
Abdullah, N., Hakansson, A. and Moradian, E., 2017, July. Blockchain based approach to enhance big data authentication in distributed environment. In 2017 Ninth International Conference on Ubiquitous and Future Networks (ICUFN) (pp. 887-892). IEEE.
AlDoaies, B.H. and Almagwashi, H., 2018, April. Exploitation of the Promising Technology: Using BlockChain to Enhance the Security of IoT. In 2018 21st Saudi Computer Society National Computer Conference (NCC) (pp. 1-6). IEEE.
Al-Saqaf, W. and Seidler, N., 2017. Blockchain technology for social impact: opportunities and challenges ahead. Journal of Cyber Policy, 2(3), pp.338-354.
Ameer Rosic, 2016. What is Blockchain Technology? A Step-by-Step Guide For Beginners. [Online]. Available at< https://blockgeeks.com/guides/what-is-blockchain-technology/ >.
Awasthi, S., Johri, P. and Khatri, S.K., 2018, June. IoT based security model to enhance blockchain technology. In 2018 International Conference on Advances in Computing and Communication Engineering (ICACCE) (pp. 133-137). IEEE.
Benton, M.C. and Radziwill, N.M., 2017. Quality and Innovation with Blockchain technology. arXiv preprint arXiv:1710.04130.
Catalini, C. and Gans, J.S., 2016. Some simple economics of the blockchain (No. w22952). National Bureau of Economic Research.
Flick, U., 2015. Introducing research methodology: A beginner's guide to doing a research project. Sage.
Frances Coppola, 2020. Can Blockchain Eliminate the Risk of Fraud in Payment Processing Services? [Online]. Available at
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