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The main problem I'm attempting to tackle is to create a feature that allows for wallets that are linked to a bank account which needs monitoring and transparency to prevent embezzling. Think something like a housing society's funds in a bank account no. 123XXX. If all of 123XXX's transactions are shown on the blockchain(by linking this account to a wallet), all spendings will be more transparent.

As pointed out by Murch, my attempted solution was this -

I am trying to modify the bitcoin protocol(possibly fork it and create an altcoin) that allows for the creation of non-anonymous wallets that have a publicly visible bank account(identity theft not an issue) as one of the fields on the Blockchain every time these wallets are part of a transaction.

Please guide me toward this.

  • Are you talking about forking Bitcoin into an alt-coin and adding this feature, or trying to do this on the existing Bitcoin blockchain? – Jestin Jun 2 '16 at 13:20
  • "will also be displayed on the blockchain" doesn't make sense. This question seems like an XY-problem to me. What do you actually want to do? – Murch Jun 2 '16 at 16:40
  • Wallets are not announced to the network. Perhaps you should elaborate what you're trying to do, right now it sounds more like you should be aiming for a website than a modification of the Bitcoin protocol. – Murch Jun 5 '16 at 14:44
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To be transparent in Bitcoin, there is little you need to do:

  • All transactions are visible on the blockchain already.
  • There is no need to connect addresses to your bank-account or any such thing.
  • Instead, just use a single address for all your transactions and require documentation and vouchers for every payment on your website.
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You seem to have a poor understanding of how Bitcoin addresses work. When you create a Bitcoin address it doesn't appear anywhere. Not on the blockchain, not on someone else's computer. It exists only as a private-public key pair on your computer. When you first receive funds that is when it appears on the blockchain.

In other words, you don't give your address to someone by saying 'please look at transaction 7 in block 317592', you just give them your address. It is the same with your bank account, you just give them your bank account!

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First, publishing anyone's bank account number is not a good idea as that can be used for identity theft. Second, there are a lot of identity solutions like onename, which may be closer to what you want to do. There's also BIP47, which allow anyone to publish a single public key whose transactions are not known to anyone but the sender and receiver.

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