Towards devising a fund management system using blockchain

Abstract

Trustworthiness has become a matter of concern in today’s world. Loyalty among people has been abolished as time passes due to corruption. Greediness to achieve material gains is winning over human ethics. In these circumstances, even if someone has a good intention to help other people; they do not find the guts as there are no guarantees that under-served people will receive the goods. This distrust among donors is a great threat in the development of poor and marginalized people. Hence, in this paper, we are focusing on the issue that occurs when funds are provided to finance projects, programs or needs. Most of the cases, it is seen that, there are no proper records of how the total allocated fund has been utilized. A big amount of funding remains hidden because of some dishonest people in charge. Hence, figuring this issue and to bring transparency in financial sectors, we have introduced a system that will be able to keep track of all the transactions of all the funds. We have used blockchain technology in our proposed system. As only blockchain technology can provide a system of databases that is quite impossible to cheat, delete, hack or change. It is also popular for storing each transaction in a digital ledger that is distributed as well as duplicated to all over the blockchain network. Furthermore, in our proposed system, we have used ethereum as a platform to build up the network. High secured characteristics of blockchain will ensure the immutable, accountable and transparent nature of the system regaining the trust of the donors.