Avoid Shortcomings of Cashless Transaction System using Blockchain

Technology is backbone of every system in today/s era. But as it is known that every coin has two faces. Technology is invented for betterment of society and humanity but it is necessary to ponder on security issues of digital system. Cashless Economy is a debatable issue of current days. This Paper addresses Errors and Loopholes in Cashless Transaction System (CTS), Mathematical Model to Illustrate loopholes, Difference between Cash and Cashless economy, Electronic Pickpocketing types, Security essentials of online shopping and how to avoid it using hash function, Soft Targets of intruders in cashless economy and some illustration for the same. Lastly this paper discusses the future of cashless economy and Online Shopping using blockchain technology.