Online token payment portal integrated with Stellar

Student Name

Muhammad Hashir KhiljiFollow

Degree

Master of Science in Computer Science

Department

Department of Computer Science

School

School of Mathematics and Computer Science (SMCS)

Date of Submission

Spring 2023

Supervisor

Waqas Mahmood, Visiting Faculty, Department of Computer Science

Keywords

Stellar, Blockchain, Portal

Abstract

The current landscape of international payments is plagued by slowness and exorbitant costs, largely attributable to the intricate process of routing payments across diverse banking systems. However, Stellar emerges as a groundbreaking global payment network that tackles these issues by enabling direct and swift transfer of digital money anywhere in the world. One of the fundamental innovations of Stellar is the introduction of a secure transaction mechanism known as the Stellar Consensus Protocol (SCP), which ensures the integrity of transactions even when dealing with untrusted intermediaries.

Diverging from traditional payment systems, SCP empowers each participating institution to designate other trusted institutions within the network. Leveraging the interconnectedness of the global financial system, the entire network can collectively agree on atomic transactions that span arbitrary institutions. Notably, this approach eliminates solvency and exchange-rate risks typically associated with intermediaries or asset issuers, instilling greater confidence in the payment process.

The project encompasses a comprehensive model of the Stellar Consensus Protocol, elucidating its underlying principles, the protocol's mechanics, and its formal verification. Additionally, it provides an in-depth overview of the Stellar payment network, highlighting its operational aspects and notable advantages. Empirical evaluation of the Stellar project incorporates performance benchmarks and insights gained from several years of practical utilization in live environments.

In summary, the project that is Online Token Payment Portal Integrated with Stellar delves into the shortcomings of current international payment systems, introduces the innovative Stellar payment network, and demonstrates the effectiveness of the Stellar Consensus Protocol through meticulous analysis and practical implementation.

Document Type

Restricted Access

Submission Type

Research Project

Recommended Citation

Hashir Khilji, Muhammad. "Online token payment portal integrated with Stellar." Unpublished graduate research project. Institute of Business Administration. 2023. https://ir.iba.edu.pk/research-projects-mscs/32