Blockchain based remittances and mining using CUDA

Abstract

A large number of people earn money in foreign countries and many of them have to send across the money back home in India. For every such transaction, multiple fees could be charged, varying from 3 to 12 percent. In this paper we offer a peer-to-peer settlement solution for such remittance on blockchain at negligible rates. Money transfers can be securely converted into crypto-currencies, which can easily be transferred across nations, and then again converted into local currencies. In this paper, we use Multi-chain for digital assets and peer-to-peer electronic cash systems where transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Each block is verified and added to the blockchain (distributed public ledger), which includes all past transactions through a process known as Mining. Mining using CPU is unwise and has high cost of operation. We present an alternative approach using CUDA-enabled Graphics Processing Unit(GPU) for mining. The massively parallel nature of some GPUs majorly increases the mining power.