Volume: 11 Issue: 06 | Jun 2024 www.irjet.net
International Research Journal of Engineering and Technology (IRJET) e-ISSN:2395-0056 p-ISSN:2395-0072
Escrow Platform Using Blockchain
Mohd Azharhuddin Chaudhary1 , Arsalan Khan2 , Anurag Waghamare3 , Omkar Kengale4
1Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
2Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
3Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
4Student, Department of Computer Engineering, VPPCOE&VA, Mumbai
Abstract - This project introduces an innovative platform that transforms digital asset trading, particularly focusing on cryptocurrency transactions. Users access the platform through their cryptocurrency wallets, ensuring trust and security. A curated list of verified middlemen allows users to select trusted intermediaries based on reviews and activity. Trade requests are facilitated, optionally accompanied by blockchain-logged contracts, ensuringtransparentandindisputablerecords.[1]
Emphasizing security, digital items are transferred securely, and cryptocurrency flows one-way for added protection. Successful trades conclude securely, while unsuccessful ones are promptly addressed. The platform relies on blockchain technology for transparency and immutable records, with cryptocurrency as the exclusive medium for global transactions, ensuring costeffectivenessandprivacy.[2]
This project seamlessly integrates blockchain security with cryptocurrency efficiency, offering a transformative solution for digital asset trading in the contemporary digital landscape. Prioritizing user freedom, privacy, and transparency, it promises to revolutionize the exchange andprotectionofdigitalassets.[3]
Key Words: Cryptocurrency trading, Digital asset exchange, Blockchain security, Verified middlemen, Transparent records, Secure transactions, Privacy protection,Usertrust,Cost-effectivetransactions.
1. INTRODUCTION
In the contemporary digital landscape, the trading of digital assets, particularly cryptocurrencies, has become a cornerstone of the modern economy. Our project seeks to revolutionizethisdigital tradingecosystem byintroducing a platform designed to prioritize and deliver enhanced security, efficiency, and transparency to users engaged in theexchangeofdigitalassets.
Atthecoreofourprojectistheconceptofsecurepeer-topeer digital trades, with a primary emphasis on cryptocurrency transactions. In a world where digital assets play an increasingly significant role, the need for a reliableanduser-friendlyplatformcannotbeoverstated.
Aninnovativeaspectofourplatformisthemethodofuser login via cryptocurrency wallets. This approach ensures both user convenience and establishes trust and security as users engage in transactions, forming thefoundation of thesecureenvironmentweaimtoprovide.
Trust is fundamental to any trading platform, and our project offers users a selection of trusted middlemen for their transactions. These middlemen, verified based on reviews and activity, provide users with added assurance andreliability.
Transparency is another key feature of our platform's design. Users can create trade requests and optionally include blockchain-logged contracts, creating indisputable and transparent records of the transaction. This transparency instills confidence in users, knowing that theirtransactionsaresecurelyrecorded. Security is paramount throughoutthetransaction process. Whetheritinvolvesthesafetransferofdigitalitemsorthe one-way flow of cryptocurrency, our platform is meticulously designed to protect users' assets and interests. Successful trades result in secure completions, whileanyunsuccessfulonesarepromptlyaddressed. Theplatformisunderpinnedbytherobustandimmutable technology of blockchain, ensuring transparency and creating permanent, tamper-proof transaction records. Furthermore, we exclusively utilize cryptocurrency for transactions, offering global reach, cost-effectiveness, and enhancedprivacy.
Our project represents a harmonious convergence of blockchainsecurity with cryptocurrency efficiency, aiming to redefine the landscape of digital asset trading. By prioritizing user freedom, privacy, and transparency, it is poised to revolutionize the way digital assets are exchangedandsafeguardedinthemoderndigitalera.
1.1 AIM AND OBJECTIVE
Our project aims to revolutionize digital asset trading by introducing a secure and efficient platform focused on cryptocurrency transactions, bridging blockchain security withglobalaccessibility.Objectivesincludecreatingauserfriendly interface, enhancing security measures, offering trusted middlemen, promoting transparency through blockchain-logged contracts, ensuring successful transactions, and promptly resolving trade issues. Leveraging blockchain tech, we exclusively use
Volume: 11 Issue: 06 | Jun 2024 www.irjet.net
cryptocurrency for global reach, cost-effectiveness, and enhanced privacy. Prioritizing user freedom and privacy, our platform aims to transform digital asset trading by providingasecureandefficientenvironment.
1.2 PROBLEM STATEMENT
Our project addresses interconnected challenges in the digital asset trading ecosystem, including security vulnerabilities, lack of transparency, user experience challenges, privacy and regulatory complexities, middlemen trust, resolution of unsuccessful trades, innovation,adaptability,andtheneedforacomprehensive approach. These problems underscore the necessity for a transformativesolutionthatredefinesdigitalassettrading forthemodernera.
1.3 SCOPE
Theproject's scopeis expansive,aiming toredefine digital asset trading with a specific focus on cryptocurrencies. It includes facilitating diverse asset exchanges, user-friendly design,robustsecuritymeasures,transparent transactions via blockchain, and verified middlemen for user trust. Additionally, it encompasses innovative features to enhance user experience and ensure the platform's adaptabilitytoevolvingmarkettrendsanduserneeds.
2. SYSTEM ARCHITECTURE
In the System Architecture section, our digital asset trading platform's design is rooted in user empowerment, focusing on delivering an intuitive interface that ensures seamless tradingexperiences.Through theplatform,users have the freedom to select trusted intermediaries based on transparent reviews and activity, enhancing overall trust within the ecosystem. The use of blockchain-logged contracts further strengthens transparency and accountability, providing users with indisputable transactionrecords.[1]
Security is a paramount consideration, and the platform employs robust measures to protect users' assets and personal information. Secure transfer protocols guarantee the safe exchange of digital assets, while integrity verification mechanisms verify the authenticity of transactions. This comprehensive approach not only ensuresthesecurityofuserassets but alsofostersa sense oftrustandreliabilityintheplatform.[2]
Overall, our platform's architecture represents a significant step forward in the realm of digital asset trading, offering users a secure, transparent, and usercentric platform. By prioritizing user empowerment, transparency, and security, we aim to redefine the digital asset trading landscape, providing users with a trustworthyandefficientplatformfortheirtradingneeds.
p-ISSN:2395-0072
Fig -1: Sequencediagram.
2.1 FLOW DIAGRAM
Fig -1: FlowDiagram.
User-Centric Approach: Our platform is designed with users in mind, featuring an intuitive interface that prioritizes ease of use and accessibility. Users can seamlessly navigate theplatform to engagein digital asset tradingandmanagetheirportfolios.
Middleman Selection: To enhance trust and reliability, usershave the autonomy to select middlemen for their transactions. These middlemen undergo verification processes, including reviews and activity tracking, empowering users to make informed decisions when choosingintermediaries.
Blockchain-Logged Contracts: As a testament to our commitment to transparency, users can opt to include blockchain-logged contracts with their trade requests. These contracts, recorded on the blockchain, provide indisputable evidence of transaction details, ensuring transparencyandsecurity.
Digital Item Management: The platform facilitates the securetransferofdigitalitemsbetweenusers.Whetherit's cryptocurrenciesorotherdigitalassets,thesystemensures thesafeandreliableexchangeoftheseitems,safeguarding userassetsthroughoutthetradingprocess. Verifying Integrity: Integrity verification mechanisms are integrated into the platform to authenticate digital items. Users can verify the integrity and authenticity of digital assets, ensuring theyare receiving genuine and reliable itemsduringtransactions.Thisinstillsconfidenceandtrust in the platform's ecosystem, fostering a secure trading environment.
3. LITERATURE SURVEY
3.1
Introduction
InourLiteratureSurvey,weprovideaconciseoverviewof existingresearchanddevelopmentsindigitalassettrading, blockchain technology, and cryptocurrencies. This serves as a foundation forunderstanding thefield'scurrent state, motivations, and challenges. Our survey aims to identify gaps, challenges, and opportunities while appreciating the insights gained from existing literature. By exploring themes such as digital asset trading platforms, blockchain integration, security measures, and user-centric approaches, we lay the groundwork for our project's development.
3.2 Existing System
Existingdigitalassettradingsystemsexhibitstrengthsand limitations across various domains. Notable platforms like CoinbaseandBinanceofferdiversetradingoptionsbutface issues related to security and transparency. Blockchain technology integration, exemplified by Ethereum and Hyperledger, ensures transaction security but grapples withscalabilitychallenges.[1] Cryptocurrencies like Bitcoin and Ethereum facilitate global transactions but are subject to regulatory scrutiny. User-centric interfaces prioritize usability, yet improvements are needed. Middlemen systems require reliability enhancements, and security measures must evolvetocombatemergingthreats.[2]
3.3 Need Of New System
The need for a new system in digital asset trading arises due to existing platforms' security vulnerabilities, lack of transparency, and subpar user experiences. Additionally, the growing popularity of cryptocurrencies underscores the necessity for a platform tailored to their unique requirements, such as enhanced security, transparency, and cross-border transaction capabilities. Thus, there is a clear need for a new system that revolutionizes digital asset trading by addressing these challenges and empoweringuserstotradewithconfidenceintheevolving digitaleconomy.
4. METHODOLOGY
The development of the digital asset trading platform followsastructuredanditerativemethodology,combining agile development principles with user-centered design practices to create a secure, efficient, and user-centric system.
4.1. Requirements Gathering and Analysis:
The process begins with comprehensive requirements gathering, involving stakeholders, users, and domain experts to understand their needs and expectations. Requirements are analyzed to identify key functionalities, security measures, user experience considerations, and regulatorycompliancerequirements.
4.2.System Design and Architecture:
Based on the gathered requirements, the system architecture is designed, outlining the components, modules, and interactions. Emphasis is placed on integrating blockchain technology to ensure transparency, security, and immutability of transaction records. Usercentric design principles guide the creation of intuitive interfacesandefficientworkflows.
4.3.Iterative Development and Testing:
Development and testing occur iteratively, with frequent feedbackloops torefineandimprovethesystem.Modules for middlemen selection, trade requests, dispute resolution, and other functionalities are developed incrementally. Automated testing is employed to validate systemfunctionalityandsecuritymeasures.
4.4. Privacy and Compliance:
Privacy and regulatory compliance are paramount considerations throughout the development process. Measures are implemented to ensure user data managementadherestorelevantlawsandstandards,with afocusonprotectingsensitiveinformation.
4.5.Integration of Real-Time Market Data:
Real-timemarketdataintegrationenhances theplatform's usability and provides users with up-to-date information
Volume: 11 Issue: 06 | Jun 2024 www.irjet.net
on price trends, trading volumes, and historical performance. APIs and data feeds are utilized to seamlesslyintegratemarketdataintotheplatform.
4.6. AgileMethodology:
The agile methodology allows for continuous improvement and adaptation to emerging technologies and user requirements. Regular sprint cycles enable the development team to respond quickly to changes and prioritizefeaturedevelopmentbasedonuserfeedback.
4.7.
User Testing and Feedback Loops:
User testing sessions are conducted regularly to gather feedback on usability, functionality, and overall user experience. Feedback loops ensure alignment with user expectations and drive iterative improvements to the platform.
4.8. Deployment and Maintenance:
The system is deployed in stages, with continuous monitoring and optimization for optimal performance. Maintenance activities, including bug fixes, security updates, and feature enhancements, are carried out to ensure the long-term viability and reliability of the platform.
5. Output Snapshot
In conclusion, our project represents a significant advancement in digital asset trading technology. By meticulously addressing user needs, integrating cuttingedge blockchain technology, and prioritizing security and regulatory compliance, we've developed a platform that exceeds industry standards. The iterative development process, coupled with ongoing user feedback, has allowed ustorefinetheplatformforoptimalperformanceanduser satisfaction. As we deploy and maintain the system, we remain committed to continuous improvement and innovation, ensuring that our platform remains at the forefront of the rapidly evolving digital asset trading landscape.
Fig -3: Dashboard.
6. CONCLUSIONS
Fig -5: Transaction.
Fig -4: DashboardWithEntries
International Research Journal of Engineering and Technology (IRJET) e-ISSN:2395-0056 p-ISSN:2395-0072
Volume: 11 Issue: 06 | Jun 2024 www.irjet.net
ACKNOWLEDGEMENT
We extend our heartfelt gratitude to Dr. Mahendra Pawar for his invaluable guidance throughout this project, without which this report would not have been possible. His untiring assistance and encouragement in error eliminationhavebeeninstrumentalinshapingthisreport. [1]
We are also thankful to Dr. Rais A. Mulla and the entire teaching staff of the computer department for their cooperation, timely guidance, and valuable suggestions. Our appreciation extends to the management of our college and our principal, Dr. Alam N. Shaikh, for their keen interest and provision of necessary facilities. Special thanks to ourclassmates and friends for their unwavering support, and to the researchers and scholars whose work hasbeenreferencedinourresearchpaper.[2]
REFERENCES
[1]Nakamoto,S.(2008).Bitcoin:APeer-to-PeerElectronic CashSystem.[Whitepaper].Bitcoin.org.
[2] The foundational whitepaper that introduced the conceptofblockchainandcryptocurrencies.
[3]Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is ChangingMoney,Business,andtheWorld.Penguin.
[4] Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology.Wiley.
[5]Casey,M.J.,&Vigna,P.(2018).TheTruthMachine:The BlockchainandtheFutureofEverything.St.Martin'sPress.
[6] Antonopoulos, A. M. (2014). Mastering Bitcoin: UnlockingDigitalCryptocurrencies.O'ReillyMedia.
[7]Easley,D.,&O'Hara,M.(2018).DigitalMarkets:Market MicrostructureforDigitalAssets.OxfordUniversityPress.
[8] Miers, I., Garman, C., Green, M., & Rubin, A. D. (2013). Zerocoin: Anonymous Distributed E-Cash from Bitcoin. In Security and Privacy (SP), 2013 IEEE Symposium on (pp. 397-411).IEEE.
[9] Wood, G. (2014). Ethereum: A Secure Decentralised Generalised Transaction Ledger. Ethereum Project Yellow Paper,151.
[10] World Economic Forum. (2017). Realizing the PotentialofBlockchain.WorldEconomicForum.
[11]InstituteofElectricalandElectronicsEngineers(IEEE) standards and publications related to blockchain and digitalassettechnologies.
[12] Various online articles,research papers, and industry reports related to blockchain technology, digital asset trading,andcryptocurrencytransactions.
[13] Expert insights and consultations with professionals inthefields ofblockchaintechnology, digitalassettrading, andcybersecurity.