Application of Block Chaining Technology in Finance and Accounting Field
ABSTARCT :
Block chaining technology is a distributed infrastructure and computing paradigm.
The latest version is represented by the super account book. The latest version is block chain 3.
From the perspective of large data, this paper systematically combs the essence and core technology of block chain technology, and expounds the application status of block chain technology in accounting industry.
This paper focuses on building an irreversible distributed financial system based on large data in the context of large data in order to apply the scenario of "Block Chain Technology + Accounting Services" to the accounting industry, and prospects the application of Block Chain Storage Technology and Intelligent Internet of Things technology based on large data, providing inspiration for future research.
EXISTING SYSTEM :
With the further development of the block chain, its application field has developed from the initial digital currency to a deeper direction.
Block Chain as a Service (BCS) transforms the infrastructure of large data and cloud computing, liberating closed data services and cloud computing infrastructure, allowing the public to operate their own infrastructure and provide rich distributed system features.
DISADVANTAGE :
Mining does not provide network security.
Scalability remains block chain's weakness.
Block chains use excessive energy to retrieve.
PROPOSED SYSTEM :
Blockchain is being recognized as the new technology that would reduce fraud in the financial world where 45% of financial intermediaries like stock exchanges and money transfer services are prone to financial crimes routinely.
Most banking systems in the world, built on a centralized database, are more vulnerable to cyberattack because once hackers attack the one system they get full access. This technology would get rid of some of the current crimes committed online today against our financial institutions.
Block chain is a distributed book composed of data blocks based on cryptography using SHA Algorithm.
Each block contains a large amount of transaction information to verify the validity of the information.
In general, it is encrypted with a public key and a private key, and encrypted with a secret key, it needs to be decrypted with another secret key, for example, encrypted with a public key and decrypted with a private key. Public key generation is irreversible, that is, the private key can not be deduced from the public key, only the decryptor can see, thus ensuring a high degree of confidentiality of information.
ADVANTAGE :
By using asymmetric encryption technology, timestamp, Merkle tree, consensus mechanism and incentive mechanism, point-to-point transactions based on decentralized credit are implemented in independent node distributed networks.
High reliability and safety
Low cost and high efficiency of decentralization, the problems of centralization are solved.
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