Author(s): Fatima El-Sayed, Ahmed Musa and Leila Hassan

Abstract: Financial security for the elderly has become a critical concern in the face of rising fraud, mismanagement, and limited access to secure financial systems. This study aimed to develop and evaluate a blockchain-enabled smart contract system using Hyperledger Fabric and AES-256 encryption to address these challenges. The primary objective was to create a secure, transparent, and user-friendly platform to manage financial transactions and reduce vulnerabilities. The system was developed using Hyperledger Fabric, AES-256 encryption, and hosted on Amazon Web Services (AWS) with PostgreSQL for backend storage. A user interface was designed using React.js to ensure accessibility for elderly users. Performance metrics, including transaction throughput, latency, encryption efficiency, and data retrieval time, were assessed, along with usability factors like ease of use, trust in system security, transparency, and fraud awareness. Usability testing involved 50 elderly participants, with statistical analysis performed using SPSS software. Results indicated a 275% improvement in throughput, a 76% reduction in latency, and a 30% enhancement in encryption efficiency. Usability metrics showed significant improvements, with ease of use increasing from 55% to 92% and trust in system security from 60% to 95%. Fraud incidents decreased by 87%, unauthorized access by 90%, and financial losses by 95%. Statistical tests, including paired t-test, Chi-square, ANOVA, and Wilcoxon signed-rank test, confirmed the significance of these results (p < 0.01). The findings suggest that integrating Hyperledger Fabric with AES-256 encryption can significantly enhance financial security for the elderly, reduce fraud risks, and improve trust in digital financial systems. Future research should focus on scalability, integration with e-governance platforms, and AI-based fraud detection models.

DOI: 10.33545/27075923.2024.v5.i2a.79

Pages: 39-43 | Views: 160 | Downloads: 65

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