Blockchain Powered Government Financial System

Abstract

This is the century of technology and digitization. Existing problems require modern solutions. The problems that have existed through decades or even centuries can now be solved through current technologies. Blockchain is one of the technologies that is going to have an extensive and comprehensive change in people's lives. Blockchain is an emerging technology and its fields of application are being explored. The domain of field chosen in this paper for its application is the public sector. Pioneering research done in the field of public services working shows that bureaucracy, corruption can be reduced as well as on the other hand, efficiency and level of trust in public record keeping can be increased using blockchain technology. Blockchain can be used in government fund management. Whole government budgeting, funding, auditing and financial records can be brought on the blockchain network. Today, in general, the allocated funds are not traceable, there is no concrete knowledge as to how, where and what percentage of funds are being utilized and a large part of these expenditures are never shown in records due to corruption. To culminate this problem, a Blockchain system has been proposed to provide transparency and proficiency.