Abstract
Blockchain has been touted as a revolutionary technology. However, despite
the excitement, blockchain has not been adopted in many fields. Many are
hesitant to adopt blockchain technology due to privacy concerns, barriers to
use, or lack of practical use cases. In this work, we outline a potential
blockchain use case for tracking financial transactions across multiple
financial institutions. We show the downsides of traditional centralized
approaches and that blockchain approaches fail to give all the privacy and
accessibility required for this use case. Thus we propose a novel blockchain
architecture to support our use case. This novel architecture combines the ease
of use of public blockchains with the privacy of private blockchains by
allowing users to create personal blockchains. We believe this novel personal
blockchain architecture will lead to more blockchain adoption, particularly in
use cases handling private data.