Fund Transfer Tracking System using DLT
Blockchain is technology that is being adopted globally due to its decentralized, secure, immutable, and tamper-proof features. In India, funds are a contentious topic, and large sums of money are allocated to various schemes in the public interest. However, the lack of transparency in this process can be overcome by using blockchain to provide a fully secure and immutable environment for tracking funds. This paper proposes a blockchain-based government fund transfer and tracking system to enhance transparency, traceability, and accountability in the public sector. The system provides a secure, immutable, and decentralized platform for tracking funds, subsidies, and benefits provided by the government to citizens. The proposed system utilizes smart contracts to automate the transfer and tracking process and enable efficient verification of transactions. The paper highlights the benefits of using blockchain technology, such as increased trust, reduced corruption, and enhanced efficiency in government operations. The proposed system is designed to address the challenges faced by the Indian government in providing transparent and efficient services to its citizens.
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