Blockchain based E-Cheque clearance framework

Abstract

This research work proposes a scalable and novel electronic cheque clearance framework. It is based on the blockchain where all banks willing to participate in this system must join the proposed blockchain based framework in order to provide the faster cheque clearance facility to its customers. The proposed e-cheque system is free from the various security attacks such as alteration of the e-cheque, double spending of e-cheque, counterfeits e-cheques. The e-cheque generated in the proposed system can be deposited electronically or physically via teller machines. The proposed system is highly scalable because on an average only 32.2% of nodes participate in the proposed trust based consensus mechanism and further message exchange per consensus process is much lesser as compared to PoW approach.