Claims:We claim:
1) A system for efficient payment transaction between sender and receiver comprising of
a. Storing the transaction information in the form of chain of blocks in the database of the website;
b. A series of computers to effectively keeping the transaction records;
c. User interface such as computer/laptop/desktop;
d. A LAN or WAN network such as internet; and
e. Updating the transactions automatically
2) The system as claimed in claim 1, wherein the said chain of blocks in the database of the website is formed using previous block, a time stamp and trans action data.
3) The system as claimed in claim 1, wherein the transaction between sender and receiver is checked using internal database of the website after registration.
4) The system as claimed in claim 1, wherein block chain use a hash which are long random strings to track the transaction.
, Description:FIELD OF THE INVENTION:
The invention generally relates to online transactions. The present invention more particularly relates to system for efficient payment transaction between sender and receiver.
BACKGROUND OF THE INVENTION:
Traditional financial service providers use technologies that support banking services online or via mobile devices. The current systems are very slow and require additional fees for transactions. The major part of money goes to support the operational status of these systems. The technologies used by banks are outdated. In current systems, a fixed fee has to pay for the transfer of payments to the user and additional fees for transfer of salary is around 5 to 7%.banks are getting commission for this and so banks are accepting the payment by us and helps us in transfer of salary. Hidden exchange rate commissions are taken from us and the time taken for completion of transaction is more.
The average transaction cost for the money sender is more based on a transaction fee?—?a transfer fee or a hidden difference in exchange rates. So there is a need for a system which will be helpful to user to improve their transaction and to reduce commissions of these operational systems. The present invention helps by eliminating the need to rely on intermediaries to approve transactions between consumers. Thus the present invention helps to speed up payments at lower rates than those charged by banks by using blockchain technology.
The system for improving transactions procedures are faster, more secure and cheaper as compared to traditional methods used for transactions. The present invention provides a high level of security and the transparency of its transactions. The present invention allows all the operations and balances to be seen by all users on the network and saves a lot of their operating costs.
OBJECTS OF THE INVENTION:
An object of the present invention is to provide a system for reducing operating costs and to proceed faster the transactions and strengthens the structure of capital market.
Another object of the present invention is to provide a system which helps in borrowing money safer and provide for lower interest rates.
Yet another object of the present invention is to eliminate the need for trusted third parties to verify transactions.
Other objects and benefits of the present invention will be more apparent from the following description, which is not intended to bind the scope of the present invention.
SUMMARY OF THE INVENTION:
Accordingly, a system for efficient payment transaction between sender and receiver is disclosed. A system for efficient payment transaction between sender and receiver comprising of; Storing the transaction information in the form of chain of blocks in the database of the website; A series of computers to effectively keeping the transaction records; User interface such as computer/laptop/desktop; A LAN or WAN network such as internet; and updating the transactions automatically in the website.
BRIEF DESCRIPTION OF THE DRAWING:
Fig 1 shows a system for efficient payment transaction between sender and receiver.
DETAILED DESCRIPTION OF THE INVENTION:
The present invention offers a safe and cheap way to send payments without intermediates. The present invention provides direct transactions so reduces the need for verification of transactions. The present invention helps in fast, cheap and unrestricted payments by using blockchain technology along with no transaction fees.
In one embodiment, information is stored in the form of chain of blocks and each block has a cryptographic hash of the previous block, a timestamp, and transaction data. With the help of present invention, we can record transactions of two parties securely and efficiently and to solve complex mathematical problems in order to validate new blocks. Recording of the transaction is carried out after which the data in any given block cannot be updated retroactively without changing all subsequent blocks and requires the confirmation in the network. So there is no danger of hacking by others and the present invention is a safe and secure system for transaction.
In another embodiment, block chain use a hash which are long random strings to track the transaction. Hash turns text into a set of numbers and letters. Hash is a variable number of characters and converts it into a string with a fixed number of characters. Even a small change in a string creates a completely new hash. With the help of transaction hash, details of the transaction can be checked by using system of present invention. User can enter status of the transaction by using website of the present invention. The transaction is with certain amount of confirmations which will shows a specific color if successfully processed. Only small amount of transfer fees is required for transactions in between sender and receiver. The amount of money to transfer on receiver’s address should be entered.
In another embodiment, if user want to change entries, he can change the record and insert a new hash. After each record, user can insert a hash generated from the record and last hash. If user wants to change the record, hash in all the entries should be changed.
As these records are more, it is not possible to keep them on spreadsheet and so should be kept on a series of computers (nodes) arranged by using system of the present invention. Every time a transaction occurs it has to be approved by the nodes, each of whom checks its validity. Once every node has checked a transaction there is a sort of electronic vote, as some nodes may think the transaction is valid and others think it is a fraud. Each node checks the validity of each transaction. If a majority of nodes say that a transaction is valid then it is written into a block. Once a block reaches a certain number of approved transactions then a new block is formed. The Blockchain updates itself every ten minutes automatically. The registry is updated on all computers on the network at the same time.
In another embodiment, a system for efficient payment transaction between sender and receiver comprising of
a. Storing the transaction information in the form of chain of blocks in the database of the website;
b. A series of computers to effectively keeping the transaction records;
c. User interface such as computer/laptop/desktop;
d. A LAN or WAN network such as internet; and
e. Updating the transactions automatically