An Interoperable and Secure E-Wallet Architecture based on Digital Ledger Technology using Blockchain

Governments and financial Institutions worldwide are in deep need to reduce the payment, clearing and settlement cycles of various transactions thereby eliminating operational and financial inefficiencies and mitigating risks. Various consortia have been formed in order to lay the foundation stones, standards to create industry acceptable solutions. Seamless transactions and information sharing between different banks and financial institutions is still a distant dream. This paper presents a novel architecture to seamlessly integrate e-wallets of different banks and participating institutions using blockchains that shall act as a foundation of Digital ledger technology (DLT) for financial sector in India. A swarm based peer-to-peer network is designed for the proposed e-wallet system. The proposed solution shall minimize the load on the Core Banking Solution of the banks thus reducing the load on the servers at the data centers.