Security aspects in the implementation of blockchain in payment gateway transactions in Ecuador

Authors

DOI:

https://doi.org/10.61961/injei.v2i1.13

Keywords:

Blockchain, Payment, Security, Transactios, Ecuador

Abstract

This paper explores the security aspects involved in implementing blockchain technology in payment gateway transactions within the Ecuadorian context. Blockchain technology offers numerous security benefits such as data security, immutability, decentralization, authentication, and transparency. These features contribute to enhancing the overall security and trustworthiness of payment transactions. The decentralized nature of blockchain reduces the risk of cyber attacks targeting centralized servers, while its immutability ensures the integrity of transactions. Additionally, authentication mechanisms such as digital signatures and smart contracts help ensure that only authorized parties can participate in and validate transactions. Furthermore, blockchain’s transparency facilitates auditing and compliance with financial regulations. This paper discusses how leveraging blockchain technology can significantly improve security in payment gateway transactions in Ecuador and provides insights into the potential challenges and opportunities associated with its implementation.

Downloads

Download data is not yet available.

References

M. Di Pierro, “What is the blockchain?” Computing in Science & Engineering, vol. 19, no. 5, pp. 92–95, 2017. DOI: https://doi.org/10.1109/MCSE.2017.3421554

Sumanjeet, “Emergence of payment systems in the age of electronic commerce: The state of art” in 2009 First Asian Himalayas International Conference on Internet. IEEE, 2009, pp. 1–18. DOI: https://doi.org/10.1109/AHICI.2009.5340318

D. S. W. Khan, “Cyber security issues and challenges in e-commerce,” in Proceedings of 10th international conference on digital strategies for organizational success, 2019. DOI: https://doi.org/10.2139/ssrn.3323741

S.-I. Kim and S.-H. Kim, “E-commerce payment model using blockchain,” Journal of Ambient Intelligence and Humanized Computing, vol. 13, no. 3, pp. 1673–1685, 2022. DOI: https://doi.org/10.1007/s12652-020-02519-5

Y. Hu, A. Manzoor, P. Ekparinya, M. Liyanage, K. Thilakarathna, G. Jourjon, and A. Seneviratne, “A delay-tolerant payment scheme based on the ethereum blockchain,” IEEE Access, vol. 7, pp. 33 159–33 172, 2019. DOI: https://doi.org/10.1109/ACCESS.2019.2903271

D. Tapscott and A. Tapscott, Blockchain revolution: how the technology behind bitcoin is changing money, business, and the world. Penguin, 2016.

W. Mougayar, The business blockchain: promise, practice, and application of the next Internet technology. John Wiley & Sons, 2016.

K. M. Hlaing and D. E. Nyaung, “Electricity billing system using ethereum and firebase,” in 2019 International Conference on Advanced Information Technologies (ICAIT). IEEE, 2019, pp. 217–221. DOI: https://doi.org/10.1109/AITC.2019.8920931

A. R. Ramos Rodríguez, “Análisis de pertinencia de una solución de diseño de bloques de seguridad en transacciones descentralizadas para el gobierno electrónico ecuatoriano.” Master’s thesis, Quito, Ecuador: Editorial UISRAEL, 2023.

N. Galí Espelt and J. A. Donaire, “Direct observation as a methodology for effectively defining tourist behavior,” e-Review of Tourism Research (eRTR), 2010 (Enter 2010 Short papers), vol. 1, 5 p., 2010.

M. A. Hassan, Z. Shukur, and M. K. Hasan, “An efficient secure electronic payment system for e-commerce,” computers, vol. 9, no. 3, p. 66, 2020. DOI: https://doi.org/10.3390/computers9030066

U. Bodkhe, P. Bhattacharya, S. Tanwar, S. Tyagi, N. Kumar, and M. S. Obaidat, “Blohost: Blockchain enabled smart tourism and hospitality management,” in 2019 international conference on computer, information and telecommunication systems (CITS). IEEE, 2019, pp. 1–5. DOI: https://doi.org/10.1109/CITS.2019.8862001

I. Yaqoob, K. Salah, R. Jayaraman, and Y. Al-Hammadi, “Blockchain for healthcare data management: opportunities, challenges, and future recommendations,” Neural Computing and Applications, pp. 1–16, 2022

Downloads

Published

2024-05-15

How to Cite

Naranjo, K., & Toasa, R. M. (2024). Security aspects in the implementation of blockchain in payment gateway transactions in Ecuador. International Journal of Engineering Insights, 2(1), 1–6. https://doi.org/10.61961/injei.v2i1.13

Issue

Vol. 2 No. 1 (2024)

Section

Articles

License

Copyright (c) 2024 Kerly Naranjo, Renato M Toasa

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License 4.0 that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.