Skip to content
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

References (25)

  1. 1 Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World
  2. 2 A Blockchain Research Framework [DOI]
  3. 3 How Blockchain can impact financial services – The overview, challenges and recommendations from expert interviewees [DOI]
  4. 4 A review of Blockchain Technology applications for financial services [DOI]
  5. 5 Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain [DOI]
  6. 6 Digital Financial Services [DOI]
  7. 7 Enhancing trust through digital Islamic finance and blockchain technology [DOI]
  8. 8 Core, intertwined, and ecosystem-specific clusters in platform ecosystems: analyzing similarities in the digital transformation of the automotive, blockchain, financial, insurance and IIoT industry [DOI]
  9. 9 Blockchain technology-based FinTech banking sector involvement using adaptive neuro-fuzzy-based K-nearest neighbors algorithm [DOI]
  10. 10 SmartCon: A Blockchain-Based Framework for Smart Contracts and Transaction Management [DOI]
  11. 11 The Sustainable Development of Financial Topic Detection and Trend Prediction by Data Mining [DOI]
  12. 12 Exploring the intellectual cores of the blockchain–Internet of Things (BIoT) [DOI]
  13. 13 Application of Blockchain in Asset-Backed Securitization [DOI]
  14. 14 Analysis of the cryptocurrency market using different prototype-based clustering techniques [DOI]
  15. 15 The Application of Blockchain Technology in Financial markets [DOI]
  16. 16 Research on Multidimensional Trust Evaluation Mechanism of FinTech Based on Blockchain [DOI]
  17. 17 Understanding the Trends in Blockchain Domain Through an Unsupervised Systematic Patent Analysis [DOI]
  18. 18 A hierarchical blockchain-based electricity market framework for energy transactions in a security-constrained cluster of microgrids [DOI]
  19. 19 An Intelligent Blockchain-Assisted Cooperative Framework for Industry 4.0 Service Management [DOI]
  20. 20 A cluster reputation-based hierarchical consensus model in blockchain [DOI]
  21. 21 Clustering Analysis of Logistics Performance in Saudi Arabia: A Roadmap to Cloud Computing and IoT & Blockchain Solutions
  22. 22 Establishment and Cluster Analysis of Performance Evaluation Index System for New Retail Enterprises Driven by Blockchain Technology [DOI]
  23. 23 Blockchain Based Sharing of Security Information for Critical Infrastructures of the Finance Sector [DOI]
  24. 24 Retracted: Marketing Method and System Optimization Based on the Financial Blockchain of the Internet of Things [DOI]
  25. 25 Bitcoin Address Clustering Method Based on Multiple Heuristic Conditions [DOI]

Cited by 2

Operational cost savings: Blockchain-driven back-office automation and syndicated loan growth in U.S. banks

Maksym Ivasenko, Serhiy Frolov, Mykhaylo Heyenko · Banks and Bank Systems · 2025

Showing 1 of 2 known citations — external sources report more than can currently be individually listed.

Related research

Article metrics

Real usage data collected on this platform.

58

Page views

0

PDF downloads

9

Outbound clicks

2

Citations

Views over time

Views by country

Approximate, from request IP at view time — not citizenship or institution. Countries with fewer than 5 views are grouped as "Other".

Traffic sources

Referring site, by host.

Views and downloads exclude known bots/crawlers. Citations combines this platform's own DOI-resolved index with each external source's own reported total — see Cited by above for individually listed citing works. Last refreshed 0 seconds ago.