Blockchain-based System for Secure Generation and Certification of Bank Cheques

Abstract

Cheques are a means of payment. It is a vehicle for so-called scriptural money. Because of its cashless nature, cheques are subject to shortcomings in terms of both security and ease of use. This article presents a system for dematerialising cheques, facilitating their certification and tracking through the use of revolutionary web3 technologies such as blockchain, interplanetary file systems and decentralised applications. The system relies on the Ethereum blockchain, whose Proof-of-Work (PoW) consensus mechanism guarantees the security and integrity of transactions through decentralized block validation. Until now, issuing a cheque has required the physical contribution and presence of both the drawer and the bearer. We enable the drawer to digitally issue and manage a cheque, as well as the possibility of designating the bearer or not.  For the account manager, the possibility of better satisfying the customer's needs by optimising processing time and automating tasks that do not require his or her involvement. The system also optimises processing time and eliminates the risks associated with physical cheques, offering a more secure and efficient alternative. All these operations, of course, take place in a secure environment, a security offered by the blockchain with its use of cryptography and decentralised file system.