Digital Payments: Blockchain based Security Concerns and Future

Abstract

Technological growth has been tremendous in the past few decades and has brought significant changes in the lifestyle of human beings. One such field where the growth of technology brought a radical change is the field of transactions. Introduction of digital payments and digital money brought a whole new dimension in money payments and transactions. Policies of different governments has encouraged and also discouraged the use of various types of digital money. Still digital payments are ever growing in terms of volume. Still digital payments are not widespread as traditional cash transactions due to various security issues, threats, vulnerabilities and mostly the people's fear or doubt on its security aspects. The paper addresses such issues and finally proposes a better enhancement for the existing digital payment technologies by using secured and privacy sensitive technologies like blockchain.