Blockchain based system for transfer of funds through an e-Governance application

Abstract

In a democratic country where each and every person’s ideas matter in making decisions calls in the need for a distributed system. Also, transferring money from one system to another within seconds creates demand to be able to view it by each and every one in the country. After all, the tax payer is the one who should also be informed about his/her money transactions. Eventually, this also leads to various other problems like tampering of data, bringing in the security aspect as well. Considering a country like India with so many systems, from central to state and panchayat system, it is a near to impossible task to be able to track the money used by people, especially when money is exchanged between many people. The data, if stored in one place, also involves fraud and data theft. This is where blockchain comes into play, as one of the most secured and transparent forms of storing transactions in a distributed ledger. This is done with the use of a private and public key based on which each authenticated individual will be able to view the transactions in a distributed manner.