The Regal Project - Blockchain Based Financial Ledger

01. The concept

A blockchain is a distributed database secured by cryptography. We wanted to demonstrate the use of Blockchain based ledger in a financial institution.

02. The Puzzle

The purpose of the demo was to show how easy it was to transact using the platform and to transfer money within 2 parties in a manner that didn't require any middle man. We wanted to eliminate the use of a bank and to use trust in mathematics to calculate hash functions and mining problems to distinguish between spam users and real users.

03. Security

All transactions in the block are calculated using Double SHA256 hash functions with addition to Merkle Tree for grouping multiple branches of hashes. Once the block is in the chain, it cannot be mutated until 51% of the network is attacked and the stronger the chain, and more the confirmations, the better the infrastructure.