Fund allocation and tracking using blockchain

Manash Singh
2021
BSc.CSIT
Semester 7
Downloads 17

Traditional relational database management solutions (e.g. Oracle and SQL), deployed globally across millions of applications, have one major operational constraint – the management of data is performed by a few entities who must be trusted. Distributed Ledger Technologies (DLT, commonly referred to as blockchain), an alternative architectural approach to managing data, and removes the need for a trusted authority to store and share a perpetually growing set of data. A foundation characteristic of a blockchain is trust. Blockchains have digital signatures and use keys to authorize and check transactions and positively identify the initiator. Cryptography hashing like SHA256 are used to securely hash the blocks such that they cannot be tampered. And the consensus protocol makes sure that all the nodes in the chain work on the same chain of data. As in organization or(government), transparency in the case of the fund allocation is very low and we don’t have good system to check for the allocation and tracking of the fund System can be upgraded for the case of fund allocation and tracking with the help of blockchain technology. This technology is not just limited to the fund allocation we can easily derive it to use for supply chain .Blockchain principle is modified according to the organizational need for the required system to perform in given organization allocation and funding system. Login based system is created along blockchain principle for transparent allocation. A decentralized fund allocation and tracking system over P2P network with the help of blockchain running smart contract is presented so that the strong highly transparent system can be established in the case of fund allocation and tracking.

Blockchain
Distributed ledger
SHA256
peer-to-peer
Decentralized system Consensus protocol

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