NormaChain: A Blockchain-based Normalized Autonomous Transaction Settlement System for IoT-based E-commerce
The main aim of this project is to provide secure and accountable transaction using block chain and IoT in ecommerce applications.
Here we propose a secure scheme for blockchain transaction with hierarchal storage. The provision for the Bank sector to supervise without compromising the individual users privacy rights, can monitor and if needed oversee the transaction. IoT device in a merchant’s premises can run a blockchain server to record and keep track of the transaction that is happening in the merchants business.
The blockchain transaction is stored in dual layer where business to business or business to user transaction was recorded in one layer. The bank involved in the transaction will be stored in the second layer. The bank layer will have details about the transaction between the users. The user’s actual identity is protected by introducing a digital identity layer. The official can access the bank layer with consensus from the bank involved and oversee the transaction.