Application of Blockchain Technologies for use of Cryptocurrency in Fees Payment Portal

Abstract

As more digital payment solutions become commonplace, there is a need for secure, open and traceable fee management systems for educational institutions. This paper presents a blockchain solution for fee payment management that involves cryptocurrency payment in tandem with a web-based fee portal of an educational institution. The proposed solution includes a cryptocurrency wallet, smart contracts, blockchain and institution database. Payment confirmation and transaction tracking are automated via the use of smart contracts. The proposed system uses smart contracts to authenticate payment data, avoid duplicate transactions and create payment references through the blockchain. Performance analysis of the proposed method will include transaction confirmation time, gas fees and transaction success rate. Simulation of 35 transaction confirms the way the proposed methodology can be evaluated against different transaction loads. The paper also covers the aspects of security issues, limitations of implementation, cost of transactions, volatility of cryptocurrencies and wallet management.