Exploration of Hyperledger Besu in Designing Private Blockchain-based Financial Distribution Systems

• URL: http://arxiv.org/abs/2311.08483v1
• Date: Tue, 14 Nov 2023 19:18:16 GMT
• Title: Exploration of Hyperledger Besu in Designing Private Blockchain-based Financial Distribution Systems
• Authors: Md. Raisul Hasan Shahrukh, Md. Tabassinur Rahman, Nafees Mansoor
• Abstract summary: This article focuses on the development of an innovative consortium blockchain based financial distribution application. It demonstrates the diverse applications of blockchain, ranging from remittances to lending and investments in finance to data administration in healthcare and supply chain tracking. The investigation sheds light on the combination of consortium blockchain controlled access and Hyprledger Besu comprehensive functionality.
• Score: 0.7366405857677227
• License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
• Abstract: Blockchain, a decentralized technology that provides unrivaled security, transparency, and process validation, is redefining the operational landscape across numerous industries. This article focuses on the development of an innovative consortium blockchain based financial distribution application. This paper illuminates the transformative role of blockchain technology in a variety of sectors by drawing on a plethora of academic literature and current industry practices. It demonstrates the diverse applications of blockchain, ranging from remittances to lending and investments in finance to data administration in healthcare and supply chain tracking. The paper reveals the design and potential of a consortium blockchain based application for financial distribution. Utilizing the capabilities of Hyperledger Besu, the application is tailored to improve security, scalability, and interoperability, thereby contributing to a more integrated financial ecosystem. The investigation sheds light on the combination of consortium blockchain controlled access and Hyprledger Besu comprehensive functionality, proposing a secure, transparent, and efficient financial transaction environment. The investigation serves as a resource for academics, industry professionals, and policymakers alike, highlighting the vast potential of blockchain technology, enabled by platforms such as Hyperledger Besu, in accelerating the evolution of traditional systems toward a more decentralized, secure, and efficient future.

Related papers

• SPOQchain: Platform for Secure, Scalable, and Privacy-Preserving Supply Chain Tracing and Counterfeit Protection [46.68279506084277]
  This work proposes SPOQchain, a novel blockchain-based platform that provides comprehensive traceability and originality verification. It provides an analysis of privacy and security aspects, demonstrating the need and qualification of SPOQchain for the future of supply chain tracing.
  arXiv  Detail & Related papers  (2024-08-30T07:15:43Z)
• IT Strategic alignment in the decentralized finance (DeFi): CBDC and digital currencies [49.1574468325115]
  Decentralized finance (DeFi) is a disruptive-based financial infrastructure. This paper seeks to answer two main questions 1) What are the common IT elements in the DeFi? And 2) How the elements to the IT strategic alignment in DeFi?
  arXiv  Detail & Related papers  (2024-05-17T10:19:20Z)
• Enhancing Data Integrity and Traceability in Industry Cyber Physical Systems (ICPS) through Blockchain Technology: A Comprehensive Approach [0.0]
  This study explores the potential of blockchain in enhancing data integrity and traceability within Industry Cyber-Physical Systems (ICPS) ICPS is pivotal in managing critical infrastructure like manufacturing, power grids, and transportation networks. This research unearths various blockchain applications in ICPS, including supply chain management, quality control, contract management, and data sharing.
  arXiv  Detail & Related papers  (2024-05-08T06:22:37Z)
• Blockchains for Internet of Things: Fundamentals, Applications, and Challenges [38.29453164670072]
  Not every blockchain system is suitable for specific IoT applications. Public blockchains are not suitable for storing sensitive data. We explore the blockchain's application in three pivotal IoT areas: edge AI, communications, and healthcare.
  arXiv  Detail & Related papers  (2024-05-08T04:25:57Z)
• Enhancing Trust and Privacy in Distributed Networks: A Comprehensive Survey on Blockchain-based Federated Learning [51.13534069758711]
  Decentralized approaches like blockchain offer a compelling solution by implementing a consensus mechanism among multiple entities. Federated Learning (FL) enables participants to collaboratively train models while safeguarding data privacy. This paper investigates the synergy between blockchain's security features and FL's privacy-preserving model training capabilities.
  arXiv  Detail & Related papers  (2024-03-28T07:08:26Z)
• Blockchain for Finance: A Survey [16.663984332579247]
  We focus on blockchain-based securities trading, in which blockchain technology plays a vital role in financial services. We investigate the 12 most popular blockchain platforms and elaborate on 6 platforms that are related to finance. This survey provides a comprehensive summary of blockchain-based securities trading applications.
  arXiv  Detail & Related papers  (2024-02-27T05:25:05Z)
• Generative AI-enabled Blockchain Networks: Fundamentals, Applications, and Case Study [73.87110604150315]
  Generative Artificial Intelligence (GAI) has emerged as a promising solution to address challenges of blockchain technology. In this paper, we first introduce GAI techniques, outline their applications, and discuss existing solutions for integrating GAI into blockchains.
  arXiv  Detail & Related papers  (2024-01-28T10:46:17Z)
• Challenges of Blockchain adoption in financial services in China's Greater Bay Area [0.5524804393257919]
  The increasing use of technology in financial services has the potential to generate benefits for many stakeholders. In China's Greater Bay Area (Guangdong-Hong Kong-Macao), the increasing use of technology in financial services has the potential to generate benefits for many stakeholders. This paper provides insights into the current progress of applications in insurance, banking, payments, asset trading, loans, remittances, the Internet of Things (IoT) for the finance industry.
  arXiv  Detail & Related papers  (2023-12-25T00:58:11Z)
• A New Paradigm in Blockchain-based Financial Aid Distribution [0.7366405857677227]
  Technology has emerged as a game-changer in a variety of industries, providing robust solutions that can conventional procedures. The financial sector is making substantial progress toward implementing blockchain solutions for a variety of operations. The healthcare industry is simultaneously incorporating this technology into systems for managing medical records, tracing supply chains, and data management. Diverse industries, including real estate, energy, and government, are actively investigating the potential of blockchain to improve efficiency, security, and transparency.
  arXiv  Detail & Related papers  (2023-11-14T19:41:24Z)
• Aid Nexus : A Blockchain Based Financial Distribution System [0.7366405857677227]
  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.
  arXiv  Detail & Related papers  (2023-11-14T18:35:02Z)
• When Quantum Information Technologies Meet Blockchain in Web 3.0 [86.91054991998273]
  We introduce a quantum blockchain-driven Web 3.0 framework that provides information-theoretic security for decentralized data transferring and payment transactions. We discuss the potential applications and challenges of implementing quantum blockchain in Web 3.0.
  arXiv  Detail & Related papers  (2022-11-29T05:38:42Z)

This list is automatically generated from the titles and abstracts of the papers in this site.

This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.