Towards Devising A Fund Management System Using Blockchain

TL;DR

This paper proposes a blockchain-based fund management system for government projects to enhance transparency, reduce corruption, and enable secure cryptocurrency transactions, demonstrating rapid execution times.

Contribution

It introduces a novel blockchain framework for government fund management, including smart contracts and a transaction gateway, addressing transparency and local currency integration.

Findings

System executes transactions in approximately 8.38ms

Enhances transparency and traceability of government funds

Supports cryptocurrency-based fund handling

Abstract

State government operations comprise a large number of transactions for different processes that must be carried out across the state. This comprises new projects, maintenance and repairs, public employee compensation, and agricultural schemes. Low-level corruption, which is sometimes difficult to trace and hinders state growth, is a big challenge for the top administration. In order to eradicate corruption and bring transparency, technology can be used in an efficient way. An important task to exterminate corruption is to keep track of all the financial transactions of an undergoing project. This research uses blockchain technology to keep track of fund management systems and assure the transparency of any financial statement. This paper proposes to use a gateway where all transaction records are updated in the system and visible to all stakeholders. We find research gaps in the literature and focus on including government funds and local currency usage. The proposed model's motive is to generate a funding model that attains two sub-goals: designing a fund management methodology in which authorized individuals can receive and withdraw allocated funds in crypto currency, and evaluating a smart contract to incorporate the money and identify transparency and tracking. The proposed model executes every feature of our system in just 8.3786ms on average.