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Research Article Open access CC BY 4.0

Optimization of Financial Services Transaction Management Based on Blockchain Empowerment and Hierarchical Clustering

Wencun Wang, Di Zhao, Can Huang, Jun Yao

Asian Journal of Advanced Research and Reports · pp. 130–140 · Published 26 Jul 2024

10.9734/ajarr/2024/v18i8714

Abstract

This study aims to enhance the efficiency of service transaction management in the contemporary financial industry. The approach involves three main steps. First, a Hyperledger Fabric blockchain network is established, and smart contracts are deployed to ensure the tamper-proof nature and transparency of transaction data. Second, a hierarchical clustering algorithm (HCA) is applied to thoroughly analyze the transaction data, uncovering potential patterns and structures. Finally, a performance evaluation experiment of the model is conducted, wherein a variety of financial transaction data are collected, comprehensively processed, and analyzed. The research findings demonstrate that integrating blockchain technology with the hierarchical clustering method significantly boosts transaction management efficiency and data security. Specifically, this integrated approach improves transaction processing speed by more than 30% compared to traditional methods and shows marked efficiency improvements across various transaction volumes. Blockchain technology ensures data integrity, preventing tampering, while the detection rate of abnormal transactions increases to 99%, greatly enhancing system security. These results underscore the practical application value of the fusion method in financial service transaction management. This study not only promotes further development and innovation in financial service transaction management but also provides more efficient and secure solutions for the fintech sector.

Blockchain hierarchical clustering financial services transaction management

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