SMU Data Science Review


Payment cards (e.g., credit and debit cards) are the most frequent form of payment in use today. A payment card transaction entails many verification information exchanges between the cardholder, merchant, issuing bank, a merchant bank, and third-party payment card processors. Today, a record of the payment transaction often records to multiple ledgers. Merchant’s incur fees for both accepting and processing payment cards. The payment card industry is in dire need of technology which removes the need for third-party verification and records transaction details to a single tamper-resistant digital ledger. The private blockchain is that technology. Private blockchain provides a linked list built with hash pointers used to record encrypted transactions in a structured manner. It is a decentralized and distributed and available to all participants involved in the transaction. Private blockchain removes the need for third-party validators, thereby reducing fees and increasing the Merchant’s overall transaction value.

Creative Commons License

Creative Commons Attribution-Noncommercial 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License