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Decentralized Banking System on Ethereum
Blockchain

Banking is the backbone of the financial sector of our times. Financial sector is one of the main facilitators in
the progress of our society. The world we see today would not have been possible without the banking
system. But the banking system currently has a centre dependency. CORE (Centralized Online Real-Time
Exchange) banking has major disadvantages like single point of failure, power and authority for planning
and decision making rest with top management organized around a hierarchical structure, dictatorial &
inflexible. Decentralized/Distributed banking is the need of the hour as it gives anonymity, low/no interest
rates, no single point of failure, power to the masses. It is resilient, inherently democratic and efficient.
Crypto Banks are decentralized banking platforms that provide the usual services similar to centralized
banks, primarily lending services and credit scoring. But it essentially cuts out all of the middlemen that a
centralized bank uses. There is no centralization whatsoever. The employees needed in a centralized bank to
structure financial data and approve loans are replaced in a crypto banking ecosystem by smart contracts
and p2p, peer-to-peer, services. Since all issues can be solved online, most of the network will be online.
The bank is moulded in the form of a computer interface, whether on a desktop or a phone, and the currencies
dealt with are mostly cryptocurrencies. In this project, I have created a smart contract on Ethereum
blockchain that functions as a bank. It covers basic banking operations - creating new accounts,
adding/withdrawing money, giving interest to the account holders, showing balances. I used Solidity
programming language to write the smart contract and wrote a few tests in Javascript. To test the smart
contract, I used Remix IDE. The project gives an idea of how crypto banks work in a real-time environment.