AERGO

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K Bank

  • A blockchain-based micropayment simulation test

Delivery Type :

System Integration

System Type :

Cloud

BACKGROUND

  • A verification project on blockchain as a reaction to the controversy surrounding cryptocurrencies
  • An aim to evaluate technological values and limitations of blockchain-based micropayment system
  • An aim to improve understanding of the blockchain by operating the blockchain-based micropayment system

CHALLENGE

  • To develop an application that can undergo distribution testing, by building a P2P method distributed ledger network and issuing a token based on the same system
  • To develop an application that can undergo distribution testing, by building a P2P method distributed ledger network and issuing a token based on the same system
  • To ensure anonymity in the payment system
  • To conduct a simulation test within a short period of 4 months

SOLUTION

  • Developing a wallet application that can safely manage private keys through multiple authentications in micropayments
  • Utilizing consensus algorithm free of forks for the fast and stable processing speed of the blockchain network
  • Improving customer convenience by applying Smart Oracle technology that can work with external systems
  • Developing a dashboard and blockchain inquiry system for convenient system management (Transaction tracking and monitoring through Admin Console)
  • Enhancing development productivity and accessibility by utilizing Amazon AWS (Development Department) and Naver N Cloud for hardware equipment

BENEFIT

  • Achieved a significant decrease in writing and reading performance compared to a typical UTXO based network by using smart contracts
  • Enabled non-stop node expansion, distribution, and modification of smart contracts and topology change operations
  • Developed smart contract communications and alerting function through implementing smart Oracle
  • Creation of a reference and validation material for carrying out future security payment blockchain projects
  • Successful development and promotion of a brand image as an enterprise leading blockchain commercialization
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