Transaction Verification Model over Double Spending for Peer-to-Peer Digital Currency Transactions based on Blockchain Architecture

Digital payment systems are an evolving field in present day with the recent enhancements in seamless digital currencies. Thus, despite the benefits of cryptocurrency based digital payments systems, their adoption and diffusion within general payment platform domain are significantly hindered. The blockchain architecture is widely recognized as a promising mechanism to support the management of cryptocurrency related transactions. However, ensuring the security of digital payment transactions is a challenging task due to various security threats and existing prevention mechanisms that are either computationally expensive or domain dependent. Among many, Double Spending is identified as a key security vulnerability.