Article
DECENTRALIZED CHEQUE SETTLEMENT VIA ETHEREUM SMART CONTRACTS: A SECURE BLOCKCHAIN FRAMEWORK
Traditional cheque clearance systems are plagued by issues such as processing delays, high operational costs, and limited transparency, leading to inefficiencies and increased risk of fraud. To overcome these limitations, this paper proposes a Blockchain-Based Cheque Clearance System Using Ethereum that aims to transform the banking sector by providing a secure, transparent, and efficient framework for cheque transactions between banks and users. The system utilizes Ethereum's decentralized blockchain architecture and smart contracts to automate the clearance process, enabling faster and tamper-resistant transactions. Historically, cheque processing involved manual and centralized operations vulnerable to errors and fraudulent activities, often requiring inter-bank coordination that introduced delays and inconsistencies. While various digital methods have attempted to modernize this process, they remained centralized and failed to establish trust and transparency. This research leverages the decentralized, immutable, and transparent nature of blockchain technology to address these long-standing challenges. The proposed system enhances security, ensures data integrity, and reduces human involvement by recording each transaction on the blockchain, enabling real-time verification and clearance via smart contracts. By eliminating the need for a central authority, the system becomes more resilient, reliable, and trustworthy. Overall, this approach aims to revolutionize cheque clearance by delivering a seamless, auditable, and secure solution for modern banking
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