Version 1
: Received: 10 March 2024 / Approved: 11 March 2024 / Online: 11 March 2024 (15:19:42 CET)
How to cite:
Shahrukh, M.R.H.; Momen, S.; Mansoor, N. Design and Development of A Blockchain-Based Financial Aid Distribution System. Preprints2024, 2024030654. https://doi.org/10.20944/preprints202403.0654.v1
Shahrukh, M.R.H.; Momen, S.; Mansoor, N. Design and Development of A Blockchain-Based Financial Aid Distribution System. Preprints 2024, 2024030654. https://doi.org/10.20944/preprints202403.0654.v1
Shahrukh, M.R.H.; Momen, S.; Mansoor, N. Design and Development of A Blockchain-Based Financial Aid Distribution System. Preprints2024, 2024030654. https://doi.org/10.20944/preprints202403.0654.v1
APA Style
Shahrukh, M.R.H., Momen, S., & Mansoor, N. (2024). Design and Development of A Blockchain-Based Financial Aid Distribution System. Preprints. https://doi.org/10.20944/preprints202403.0654.v1
Chicago/Turabian Style
Shahrukh, M.R.H., Sifat Momen and Nafees Mansoor. 2024 "Design and Development of A Blockchain-Based Financial Aid Distribution System" Preprints. https://doi.org/10.20944/preprints202403.0654.v1
Abstract
Contemporary financial systems, despite their inherent complexity and resilience, face significant challenges related to transparency, efficiency, and security. Notable deficiencies in transparency and emerging security vulnerabilities underscore the pressing need for innovative solutions in current financial practices. Hence, this paper introduces a financial distribution system based on a consortium blockchain. Given organizations’ preference for keeping sensitive data private, the partially decentralized nature of consortium blockchains plays a pivotal role in the proposed system’s architecture. Moreover, within this system, the proposed smart contract serves a dual role. It functions not only as a transactional tool but also as a specialized solution designed to improve transactional procedures. Its multifaceted capabilities include ensuring data accuracy, facilitating swift execution, and ensuring adherence to regulatory requirements within the dynamic financial distribution landscape. Through rigorous testing and empirical analysis utilizing the Hyperledger Besu platform, it has been observed that the performance of the proposed system surpasses traditional blockchain frameworks. The results unequivocally demonstrate the proposed system’s proficiency in handling high-frequency financial transactions with minimal computational burden.
Keywords
Blockchain; Financial Distribution; Process Automation; Smart Contracts; Hyperledger
Subject
Computer Science and Mathematics, Computer Science
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
