Characteristics of blockchain as a simple payment platform

[Korea Technology News]  Sogang University’s Department of Computer Science and Engineering Professor Park Soo-yong’s research team developed a mobile payment platform technology linked with SNS services. If you use the developed ‘Payup’ payment platform, it is possible to manage products, sales and delivery without building a shopping mall.

The research team developed the technology that is the basis of the block chain by using the P2P network, security and encryption technology, and developed the anti-counterfeiting system of the Payup block chain payment system such as the storage method and structure of the developed block chain. In addition, in order to verify its integrity, a transaction integrity assurance system was developed using the feature of the blockchain that the same information is stored in all nodes.

After that, the Hash Algorithm was applied to the document file to identify the same encryption value for the same file, and the integrity was guaranteed. Sogang University Industry-University Cooperation Foundation transferred ‘blockchain-based PAYUP interlocking payment platform development technology’ to PAYUP in August 2019.

The simple payment platform that can be used only on mobile without going through a shopping mall can expand the scale of e-commerce by enabling e-commerce on SNS sites.

There is a risk of leakage or forgery of customers’ personal information in transactions that occur on SNS-linked platforms.

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