A Consortium Blockchain Based Overseas Fund Transfer System |
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Authors: | Patil Pradnya Sangeetha M. Bhaskar Vidhyacharan |
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Affiliation: | 1.Department of Electronics and Communication Engineering, SRM Institute of Science and Technology, Kattankulathur, Kancheepuram Dt., 603203, Tamilnadu, India ;2.Department of Electrical and Computer Engineering, San Francisco State University, 1600 Holloway Avenue, San Francisco, CA, 94132, USA ; |
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Abstract: | Domestic fund transfers are all the time immediate, handier and obtainable however in overseas fund transfer, funds are transferred from payers account to payees account through the correspondent banks, central bank and messaging network which involves intermediaries and allied charges. Blockchain Technology has grabbed the interest of financial systems due to its inventive benefits such as decentralised structure, faster speed, cost-effectiveness and more security over conventional approaches. Adopting Blockchain Technology for overseas fund transfer can overcome the transaction delays, intermediaries’ failures and recurring costs involved in the current system. In this paper, a Consortium Blockchain based overseas fund transfer process is proposed to achieve faster operations, security and transparency. Hyperledger Fabric Blockchain framework has been used for overseas fund transfer process and web-user interface is developed for the same. Simulation results demonstrate the significance of Blockchain as a promising technology for overseas fund transfer process to facilitate speed, security, transparency and efficiency for overseas fund transfer. |
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