Abstract:
"This thesis report presents a solution to the problem of fraudulent activities in cryptocurrency
transactions using Blockchain technology. The report highlights the unique characteristic of
blockchain technology, which is its pseudo-anonymity, and the implications of this
characteristic on security and verification. It is established that the lack of a mechanism to
identify and verify users could result in illegal activities and fraud, and could put merchants at
risk of legal consequences.
The proposed solution, BlockVerify, leverages the blockchain technology to enable merchants
to verify the identities of their users/customers using their public wallet addresses. This solution
aims to ensure that only unique users with verified identities engage in cryptocurrency
transactions, thus reducing the risk of fraudulent activities. The report provides a
comprehensive overview of the BlockVerify solution, including its architecture, features, and
potential benefits.
The report also examines the limitations and challenges associated with the BlockVerify
solution, and suggests possible areas of improvement. Overall, this thesis report provides
valuable insights into the potential of Blockchain technology to address the security and
verification challenges associated with cryptocurrency transactions, and the BlockVerify
solution could be a promising approach towards achieving this goal."
