Allocation and Tracking of Public Funds using Blockchain

Abstract

Blockchain is a technology that helps create and maintain a cryptographically secure, shared, and distributed ledger (a database) for transactions. It is a public ledger to which everyone has access but control of the ledger does not lie with a central authority. One can get transparency, accountability and trust by using blockchain to perform digital transactions. It is an enabling technology for individuals as well as companies to collaborate while ensuring that trust and transparency are maintained throughout the process. Considering these characteristics, blockchain can be used for tracking the flow of public funds assigned to a project. The paper explores the uses of blockchain technology in real-life commercial applications and proposes a method that will be used to allocate and track public funds using blockchain technology.