Design and Implementation of a Blockchain-Based Financial System Using Python and MySQL

Abstract

In this era of digital disruption, the financial sector expects high data transparency and accountability. However, accounting systems are still vulnerable to data manipulation risks because many accounting systems are still centralized. A survey of accounting students shows a contradiction, in which the level of optimism towards blockchain is high (78.26%) compared to the level of fundamental understanding (60.87% only ‘know enough’). Therefore, this study aims to design and implement a blockchain-based financial system to ensure data security. The waterfall method can help develop a system with a simple REST API architecture using VueJS as the frontend, Python (Flask) as the backend, and MySQL as the database. The results of the implementation and blackbox testing indicate that the system is running optimally, fulfilling functional requirements with a validation rate of 100%. Auditable non-functional requirements are met through the SHA256 blockchain log, while transaction security is guaranteed through ECDSA signature verification.