Foreign money transfer using blockchain

Foreign money transfer using blockchain

This paper focuses on using blockchain technology to enhance efficiency and cost reduction in foreign transactions through the banking system. Blockchain provides crucial features such as immutability of records and decentralization, which is then used to carry out foreign transactions. This process...

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Bibliographic Details
Main Authors: Giri Nupur, Jodha Dheeraj Singh, Goyal Yash, Thite Akshay, Tiwari Abhay
Format: Article
Language:English
Published: EDP Sciences 2021-01-01
Series:ITM Web of Conferences
Online Access:https://www.itm-conferences.org/articles/itmconf/pdf/2021/05/itmconf_icacc2021_03015.pdf
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spelling doaj-3d8c1549d2b848889ec65657968775552021-08-10T11:25:07ZengEDP SciencesITM Web of Conferences2271-20972021-01-01400301510.1051/itmconf/20214003015itmconf_icacc2021_03015Foreign money transfer using blockchainGiri Nupur0Jodha Dheeraj Singh1Goyal Yash2Thite Akshay3Tiwari Abhay4HOD, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of TechnologyStudent, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of TechnologyStudent, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of TechnologyStudent, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of TechnologyStudent, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of TechnologyThis paper focuses on using blockchain technology to enhance efficiency and cost reduction in foreign transactions through the banking system. Blockchain provides crucial features such as immutability of records and decentralization, which is then used to carry out foreign transactions. This process could be a major change in the transactions carried out by removing middle banks during transactions thereby speeding up the process. This paper aims at designing an Ethereum decentralized Banking Application for foreign money transfer using blockchain technology. Smart Contract helps to eliminate middle banks in the process by acting on rules specified in the contract. Every participant needs to abide by these rules which make it trustworthy and maintain the authenticity of the process.https://www.itm-conferences.org/articles/itmconf/pdf/2021/05/itmconf_icacc2021_03015.pdf
collection DOAJ
language English
format Article
sources DOAJ
author Giri Nupur
Jodha Dheeraj Singh
Goyal Yash
Thite Akshay
Tiwari Abhay
spellingShingle Giri Nupur
Jodha Dheeraj Singh
Goyal Yash
Thite Akshay
Tiwari Abhay
Foreign money transfer using blockchain
ITM Web of Conferences
author_facet Giri Nupur
Jodha Dheeraj Singh
Goyal Yash
Thite Akshay
Tiwari Abhay
author_sort Giri Nupur
title Foreign money transfer using blockchain
title_short Foreign money transfer using blockchain
title_full Foreign money transfer using blockchain
title_fullStr Foreign money transfer using blockchain
title_full_unstemmed Foreign money transfer using blockchain
title_sort foreign money transfer using blockchain
publisher EDP Sciences
series ITM Web of Conferences
issn 2271-2097
publishDate 2021-01-01
description This paper focuses on using blockchain technology to enhance efficiency and cost reduction in foreign transactions through the banking system. Blockchain provides crucial features such as immutability of records and decentralization, which is then used to carry out foreign transactions. This process could be a major change in the transactions carried out by removing middle banks during transactions thereby speeding up the process. This paper aims at designing an Ethereum decentralized Banking Application for foreign money transfer using blockchain technology. Smart Contract helps to eliminate middle banks in the process by acting on rules specified in the contract. Every participant needs to abide by these rules which make it trustworthy and maintain the authenticity of the process.
url https://www.itm-conferences.org/articles/itmconf/pdf/2021/05/itmconf_icacc2021_03015.pdf
work_keys_str_mv AT girinupur foreignmoneytransferusingblockchain
AT jodhadheerajsingh foreignmoneytransferusingblockchain
AT goyalyash foreignmoneytransferusingblockchain
AT thiteakshay foreignmoneytransferusingblockchain
AT tiwariabhay foreignmoneytransferusingblockchain
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