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The original purpose of this project was to research the capabilities of a relatively new cryptocurrency platform known as Ethereum. Extensive research brought to light Ethereum’s wide range of developmental capabilities and shifted our focus to the consideration of how the features that Ethereum offers can be used to improve some of the flaws within the world of cryptocurrency. Some cryptocurrency users find these systems useful, because it gives them a means of anonymity. This makes it pretty easy to launder money, make illegal purchases, and double spend. Our solution solves all of these issues, by tying a digital currency transaction to a specific purchase in a secure, untouchable, immutable means due to the blockchain’s proof of work. This solution was implemented through use of both blockchain technologies and a programmable “contract.” This contract adds additional data to cryptocurrency transactions. Our contract creates fields and storage that users can use to input dates, product numbers, product names, and notes that are directly associated with their transaction. Once these fields along with a transaction are deployed onto the blockchain, the information can be accessed using the definition or signature of the contract and the address on the block chain to which it is located. This adds the ability to claim warranty, check inventory, catch double spending instances, prevent black market spends, and help many other scenarios because there exists a publicly available proof of the purchase.
Computer engineering, Blockchain, Ethereum, Cryptocurrency, Proof of Purchase
Computer Engineering | Engineering
VCU Capstone Design Expo Posters
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