Paper Title :Blockchain-Enabled International Remittance Transfer

Author :Abhishek Sikarwar, Aditya Dhoka, Ajay Malviya

Article Citation :Abhishek Sikarwar ,Aditya Dhoka ,Ajay Malviya , (2020 ) " Blockchain-Enabled International Remittance Transfer " , International Journal of Advance Computational Engineering and Networking (IJACEN) , pp. 12-16, Volume-8,Issue-9

Abstract : The International online money transfer mechanism has been widely used in today's scenario. There are several trust issues, less transparency in the working of the current mechanism. The main aim is to overcome these problems using Blockchain Technology. Blockchain is being praised as a technological innovation which allows to revolutionize how society trades and interacts. A blockchain moreover provides an integrity protected data storage and allows to provide process transparency. The paper focuses on using Blockchain Technology to reduce the problems in the ongoing system and thus providing a new solution which is easy, efficient and highly feasible to work with. It reduces the chances of fraud, less security and transparency. Also third party interference is a big complication. The paper presents detailed solutions to these problems. In which a Permissioned Private Blockchain is created which only allows the permissioned person to read and write in the chain. It creates great impact by providing less time complexity, great use case and tamper proof atmosphere.The authors determined main obstacles and have overcome it very smoothly with a high efficiency rate. Creating blockchain, implementing hashing and mining the block have given a complete new look to the working of old international money transfer mechanisms. Checking the validity of blocks has also helped in cases of fault tolerance and made it widely acceptable.As a Conclusion it is noted that Blockchain makes online money transfer systems more suitable, tamper-proof, and economically sustainable. Using our own blockchain reduces the dependency on third-party blockchain and resolves the problems of security. Keywords - Blockchain; banking sector; financial system; International Remittance Transfer; Cross Border money Transfer;

Type : Research paper

Published : Volume-8,Issue-9

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