Architectural considerations for blockchain based systems for financial transactions

Raghvinder S. Sangwan; Mohamad Kassab; Christopher Capitolo

doi:10.1016/j.procs.2020.02.252

Architectural considerations for blockchain based systems for financial transactions

Raghvinder S. Sangwan, Mohamad Kassab, Christopher Capitolo

Computer Science

Research output: Contribution to journal › Conference article › peer-review

Abstract

Systems supporting financial dealings at an enterprise scale must be able to handle large volumes of transactions in a secure manner while maintaining high level of operational availability. These systems must also have the flexibility to interface with many third-party applications with ease. In this paper we explore these architectural considerations for systems supporting financial transactions using the blockchain technology. We identify the strengths of this technology in achieving the qualities associated with these architectural considerations and suggest architectural tactics that can be used to overcome its weaknesses. A reference architecture is presented along with a prototype that implements this architecture using Iroha, a commercially available financial ledger for blockchain systems.

Original language	English (US)
Pages (from-to)	265-271
Number of pages	7
Journal	Procedia Computer Science
Volume	168
DOIs	https://doi.org/10.1016/j.procs.2020.02.252
State	Published - 2020
Event	2020 Complex Adaptive Systems Conference, CAS 2019 - Malvern, United States Duration: Nov 13 2019 → Nov 15 2019

Keywords

Availability
Blockchain
Finance
Modifiability
Performance
Quality Attribute
Security
Usability

ASJC Scopus subject areas

General Computer Science

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10.1016/j.procs.2020.02.252

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title = "Architectural considerations for blockchain based systems for financial transactions",

abstract = "Systems supporting financial dealings at an enterprise scale must be able to handle large volumes of transactions in a secure manner while maintaining high level of operational availability. These systems must also have the flexibility to interface with many third-party applications with ease. In this paper we explore these architectural considerations for systems supporting financial transactions using the blockchain technology. We identify the strengths of this technology in achieving the qualities associated with these architectural considerations and suggest architectural tactics that can be used to overcome its weaknesses. A reference architecture is presented along with a prototype that implements this architecture using Iroha, a commercially available financial ledger for blockchain systems.",

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author = "Sangwan, {Raghvinder S.} and Mohamad Kassab and Christopher Capitolo",

note = "Publisher Copyright: {\textcopyright} 2018 The Authors.; 2020 Complex Adaptive Systems Conference, CAS 2019 ; Conference date: 13-11-2019 Through 15-11-2019",

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AU - Sangwan, Raghvinder S.

AU - Kassab, Mohamad

AU - Capitolo, Christopher

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N2 - Systems supporting financial dealings at an enterprise scale must be able to handle large volumes of transactions in a secure manner while maintaining high level of operational availability. These systems must also have the flexibility to interface with many third-party applications with ease. In this paper we explore these architectural considerations for systems supporting financial transactions using the blockchain technology. We identify the strengths of this technology in achieving the qualities associated with these architectural considerations and suggest architectural tactics that can be used to overcome its weaknesses. A reference architecture is presented along with a prototype that implements this architecture using Iroha, a commercially available financial ledger for blockchain systems.

AB - Systems supporting financial dealings at an enterprise scale must be able to handle large volumes of transactions in a secure manner while maintaining high level of operational availability. These systems must also have the flexibility to interface with many third-party applications with ease. In this paper we explore these architectural considerations for systems supporting financial transactions using the blockchain technology. We identify the strengths of this technology in achieving the qualities associated with these architectural considerations and suggest architectural tactics that can be used to overcome its weaknesses. A reference architecture is presented along with a prototype that implements this architecture using Iroha, a commercially available financial ledger for blockchain systems.

KW - Availability

KW - Blockchain

KW - Finance

KW - Modifiability

KW - Performance

KW - Quality Attribute

KW - Security

KW - Usability

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SN - 1877-0509

VL - 168

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JO - Procedia Computer Science

JF - Procedia Computer Science

T2 - 2020 Complex Adaptive Systems Conference, CAS 2019

Y2 - 13 November 2019 through 15 November 2019

ER -

Architectural considerations for blockchain based systems for financial transactions

Abstract

Keywords

ASJC Scopus subject areas

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