ABSTRACT
Blockchain was formerly originated to prevent fraud in digital currency exchanges. Blockchain refers to a collective ledger that is decentralized and unaffected to any sort of tinkering. It gives the confirmed contributors access to store, view, and share the digital information in a situation rich in safety, which supports the development of trust, liability, and transparency in business relations. To capitalize on these specified assistances, companies have now started exploring how blockchain technology could prevent fraud in numerous industry verticals. Protection from identity theft and fraud is an endless challenge for everyone elaborate in buying and selling. Merchants, consumers, issuers, and acquirers know there are susceptibilities in how payments and data are secured. Hackers and fraudsters learn to outsmart the technology with each novelty in security technology and breach these networks. The first section of the chapter describes the structure of the blockchain, its framework, the pros and cons of the combination of these technologies, and the role and importance of machine and deep learning algorithms in fraud detection and prevention in the blockchain. The next section focuses on the reported work, highlighting different researchers’ work for fraud detection and prevention using blockchain technology. The final section of the chapter comprises comparative analysis based on various performance parameters such as accuracy, area under curve, confidence, true negative, false positive, and true positive for different types of fraud detection using blockchain technology.
