Design and Implementation of a Blockchain-Backed Mobile App for Decentralized Payments

Abstract

The growing use of digital payments still depends on centralized intermediaries which raises issues of trust, transaction costs, delays, and vulnerability of the system as a whole. This paper describes the development of a mobile app to implement decentralized payments through blockchain. The proposed system uses a permissioned distributed ledger and smart contracts to facilitate secure, peer-to-peer, and highly independent transactions. This work explain the system's architecture and design reasoning as well as assess the focus on security and performance with respect to transaction latency, scalability, and costs. Data from prototype implementation demonstrates mobile app payments with the proposed solution and a considerable reduction in costs in comparison to traditional payments. This mobile payment solution demonstrated the system to meet transaction latency of mobile payments within the targeted range. This paper identifies issues and obstacles within the domain of decentralized mobile payments such as scalability, regulation, and user acceptance and proposes possible refinements and research opportunities in DeFi. This work enhances the set of blockchain-powered mobile payment systems, adding to the knowledge on the possible use of decentralized systems in the finances of the economy.