Aid Nexus : A Blockchain Based Financial Distribution System
- URL: http://arxiv.org/abs/2311.08372v1
- Date: Tue, 14 Nov 2023 18:35:02 GMT
- Title: Aid Nexus : A Blockchain Based Financial Distribution System
- Authors: Md. Raisul Hasan Shahrukh, Md. Tabassinur Rahman, Nafees Mansoor
- Abstract summary: By leveraging decentralized ledger systems, blockchain offers enhanced security, transparency, and transaction verification without the need for intermediaries.
The finance sector is exploring blockchain-based solutions for payments, remittances, lending, and investments.
Healthcare adopts the technology for medical record keeping, supply chain tracking, and data management.
Other sectors, including real estate, energy, and government, are also investigating blockchain-based solutions.
- Score: 0.7366405857677227
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: Blockchain technology has emerged as a disruptive force with transformative
potential across numerous industries, promising efficient and automated
solutions that can revolutionize traditional systems. By leveraging
decentralized ledger systems, blockchain offers enhanced security,
transparency, and transaction verification without the need for intermediaries.
The finance sector is exploring blockchain-based solutions for payments,
remittances, lending, and investments, while healthcare adopts the technology
for medical record keeping, supply chain tracking, and data management.
Similarly, supply chain management benefits from blockchain's ability to
enhance transparency, traceability, and accountability from raw materials to
finished products. Other sectors, including real estate, energy, and
government, are also investigating blockchain-based solutions to improve
efficiency, security, and transparency. Furthermore, smart contracts within the
blockchain enable process automation, reducing manual intervention in
distribution workflows. AidNeux, a consortium-based blockchain DApp, reimagines
the distribution of financial assistance by addressing inefficiencies and
opaqueness. Using smart contracts ensures the security and directness of money
transfers. Its robust digital identity verification and real-time auditability
reduce fraud risks and strengthen accountability, thereby presenting a
scalable, transparent solution to problems inherent to conventional financial
aid systems.
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