BlockBill : The Blockchain-Powered Paperless Billing Solution
way to get your email address and to build their database to track your shopping habits " for firms , according to John Zhang , a University of Pennsylvania marketing professor [ 14 ].
Furthermore , any sort of record of financial transactions has a higher risk of being misused in a myriad of ways . Combined with identity theft and tracking an individual ’ s patterns in all spheres of life , the danger of data leaks or impersonation proves grievous . The problem is further aggravated when the data lies with a central authority , and there is no public scrutiny and transparency in the pipeline .
Blockchain Technology helps us deal with these concerns about data privacy and preventing data misuse , security and trust , through strong encryption . As the name suggests , a blockchain is a collection of digital blocks that list transactions . All the blocks before and after a given block are related , which makes it strenuous to alter a single record since , to evade detection , a hacker would have to alter the block that contains the record and all those linked to it .
The blockchain ’ s records are protected by encryption . Each network participant has a private key to sign transactions with their unique digital signature . If a record changes , the signature will no longer be valid , and the peer network will immediately become aware of the situation .
Blockchains do not have a single point of failure and cannot be altered by a single machine because they are not maintained in a single location . To access every instance ( or at least a 51 per cent majority ) of a specific blockchain and change them all simultaneously , enormous computer power would be needed . Your blockchain will be more tamper-resistant the more extensive your network grows .
While moving from one form to another , functionalities are often lost , and spirit needs to be captured . To replace paper receipts with digital ones , we must ensure that convenience and privacy are preserved . Paper receipts , once printed , cannot be altered ; you have to generate a new one with the consent of both parties - which is the case here as well in a CR ( Create-Read ) environment contrasted with that of traditional CRUD ( Create-Read-Update-Delete ) environment of databases , as followed by everyone in Web2 architecture . In Chapter 3 , we highlight the detailed benefits of using blockchain .
As observed and mentioned , about 90 % of paper receipts wound up in situations where their usage is rendered non-usable . These situations are acceptable when it comes to trivial purchases . However , when it comes to important and large transactions - a proof of record holds weight , and we need a queryable system where people can efficiently store , sort and find the relevant receipts in a timely manner when needed . This is easily achieved securely through our blockchainbased digital transformation of processes that are virtually missing in today ’ s traditional hard copy as well as digital systems .
Our solution successfully tackles all these challenges with its features and technological infrastructure .
96 April 2023