International Journal on Advanced Science, Engineering and Information Technology, Vol. 13 (2023) No. 4, pages: 1575-1581, DOI:10.18517/ijaseit.13.4.19025

A Fintech Platform Using Blockchain Smart Contract

Jaekyung Nam, Min Choi


Though few blockchain-based payment services are currently available, this is expected to change in 2018, as investment has poured in from banks to explore blockchain’s potential. This creates the potential for developing live blockchain payment processing solutions and trade finance deployments. However, current blockchain technology is unsuitable for real-world applications owing to various limitations. Bitcoin is simply a “virtual” currency or “cyber” money because blockchain does not support owner identification. This study combines credit card payments and a blockchain network to overcome this limitation. If there is no connection between the credit card payment system and the blockchain network, blockchain ciphers like Bitcoin will remain a “virtual” currency or “cyber” money forever. This paper presents a challenging study involving blockchain and financial technology (fintech). Furthermore, we must consider the integration approach in terms of performance. Even the performance of state-of-the-art blockchain platforms cannot meet fintech application standards in the real world. In order to resolve performance issues related to a blockchain network while processing credit card transactions, we exploit the overlay network concept to separate the credit card network from the relatively slow blockchain peer-to-peer (P2P) network. In this paper, we presented the details of the data preparation, assessment metrics, and evaluation of our method. We also described the experimental results for the fintech platform using blockchain smart contracts.


Fintech; blockchain; credit card payment platform; overlay network

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