scholarly journals Foreign money transfer using blockchain

2021 ◽  
Vol 40 ◽  
pp. 03015
Author(s):  
Nupur Giri ◽  
Dheeraj Singh Jodha ◽  
Yash Goyal ◽  
Akshay Thite ◽  
Abhay Tiwari
Keyword(s):  
Cost Reduction ◽  
Banking System ◽  
Major Change ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Money Transfer ◽  
Enhance Efficiency

This paper focuses on using blockchain technology to enhance efficiency and cost reduction in foreign transactions through the banking system. Blockchain provides crucial features such as immutability of records and decentralization, which is then used to carry out foreign transactions. This process could be a major change in the transactions carried out by removing middle banks during transactions thereby speeding up the process. This paper aims at designing an Ethereum decentralized Banking Application for foreign money transfer using blockchain technology. Smart Contract helps to eliminate middle banks in the process by acting on rules specified in the contract. Every participant needs to abide by these rules which make it trustworthy and maintain the authenticity of the process.

scholarly journals A Traceable Online Will System Based on Blockchain and Smart Contract Technology

Symmetry ◽  
2021 ◽  
Vol 13 (3) ◽  
pp. 466
Author(s):  
Chin-Ling Chen ◽  
Ching-Ying Lin ◽  
Mao-Lun Chiang ◽  
Yong-Yuan Deng ◽  
Peizhi Chen ◽  
...  
Keyword(s):  
Economic Development ◽  
Cost Reduction ◽  
The Internet ◽  
Consensus Algorithms ◽  
Property Distribution ◽  
Blockchain Technology ◽  
Public Verifiability ◽  
Smart Contract ◽  
Property Inheritance ◽  
Laws And Regulations

In recent years, with the rapid levels of economic development, there have been more and more problems in property inheritance and distribution. In today’s society, people still have many taboos when writing a will. Writing a will not only involves various laws and regulations but also costs a lot of money and time, which can be daunting. However, with the development of the Internet, blockchain technology has gradually been applied to many applications. Blockchain technology uses consensus algorithms to ensure consistency and records transaction information in blocks to ensure the effectiveness of transactions. In this paper, we use the cryptography mechanism to propose an online will system based on blockchain and smart contract technology. The architecture considers effectiveness and cost reduction. By combining this with blockchain technology, will assets are saved in blocks, which provides comprehensive will security and non-tamperable security protection. In addition, combined with a smart contract, it realizes the method of automatic property distribution. At the same time, this mechanism also proposes an arbitration solution when there are disputes over wills, and ensures the integrity of data, public verifiability, unforgeability, nonrepudiation, irreversibility of information, and the ability to resist counterfeiting attacks.

scholarly journals Disrupting Business as Usual

2020 ◽  
Vol 11 (2) ◽  
pp. 47-54
Author(s):  
Alberto La Cava ◽  
Mary Kate Naatus
Keyword(s):  
Legal Status ◽  
Lower Cost ◽  
Banking System ◽  
Future Research ◽  
Blockchain Technology ◽  
Money Transfer ◽  
Migrant Remittances ◽  
Remittance Flows ◽  
Business As Usual ◽  
Transfer Channels

This article analyzes the research on cryptocurrency and blockchain technology and the alternate banking system, led by giants like Bitcoin and Ethereum, and its potential utility for the millions of migrants living in working around the globe, who send nearly half a trillion dollars through various formal and informal channels to family and friends in their home countries. While research on migrant remittances is well established and has been examined from many different lenses, including economic, political, financial, sociological and entrepreneurial, there are few studies to date that examine how the growing crypto-blockchain channel can impact remittance flows, as a lower cost alternative to MoneyGram and Western Union, which have high transaction costs, and also considering that many migrants do not have formal bank accounts, eliminating formal bank transfers, and also that many migrants hold a vulnerable legal status, and may avoid formal money transfer channels. This article is exploratory in nature and identifies the work that has been done to date on this topic, and identifies potential future research in the area.

The Potential Of Blockchain Technology To Change International Mobile Roaming Business Model

2019 ◽  
Vol 5 (1) ◽  
pp. 15-22
Author(s):  
Ardian Thresnantia Atmaja
Keyword(s):  
Business Model ◽  
Current Situation ◽  
Business Value ◽  
Third Party ◽  
Fundamental Aspect ◽  
Clearing House ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Target Architecture ◽  
Architecture Development

The key objectives of this paper is to propose a design implementation of blockchain based on smart contract which have potential to change international mobile roaming business model by eliminating third-party data clearing house (DCH). The analysis method used comparative analysis between current situation and target architecture of international mobile roaming business that commonly used by TOGAF Architecture Development Method. The purposed design of implementation has validated the business value by using Total Cost of Ownership (TCO) calculation. This paper applies the TOGAF approach in order to address architecture gap to evaluate by the enhancement capability that required from these three fundamental aspect which are Business, Technology and Information. With the blockchain smart contract solution able to eliminate the intermediaries Data Clearing House system, which impacted to the business model of international mobile roaming with no more intermediaries fee for call data record (CDR) processing and open up for online billing and settlement among parties. In conclusion the business value of blockchain implementation in the international mobile roaming has been measured using TCO comparison between current situation and target architecture that impacted cost reduction of operational platform is 19%. With this information and understanding the blockchain technology has significant benefit in the international mobile roaming business.

Issues on Interbank Commodity Murabaha (CM) for Liquidity Management in Malaysia

2020 ◽  
Vol 8 (2) ◽  
pp. 9
Author(s):  
Mohamad Zabidi Bin Ahmad ◽  
Rosylin Mohd. Yusof ◽  
Ahmad Rizal Mazlan
Keyword(s):  
Risk Mitigation ◽  
Banking System ◽  
Islamic Banks ◽  
Liquidity Management ◽  
Standard Guideline ◽  
Growth Area ◽  
Islamic Financial Institutions ◽  
Enhance Efficiency ◽  
Analyze Structure ◽  
Operational Issues

Purpose: The objective of this research is to highlight issues and review the Interbank Commodity Murabahah (CM) practice as a tool of liquidity requirement from both the Shariah and industry’s operational perspectives. Accordingly, this study seeks to analyze structure and mechanism of CM as instrument to meet the liquidity need of the Islamic financial institutions and provides an opportunity for investments. In doing so, the paper seeks to review issues related to Shariah and operations in Islamic banking. Design/methodology/approach: By conducting interview with Treasurers, Shariah Scholars and funding dealers of Islamic banks in Malaysia, the study evaluates reassessment on CM practices and operational issues in relation risk and compliance. The study focuses on Islamic Treasury Division of Islamic banks in Malaysia. Findings: The findings of the study suggest that the two most significant issues in Islamic liquidity management of Islamic banks in Malaysia are i) resembling interest ii) nature of tradability iii) structure of CM iv) the timing the transaction to be completed and v) the real brokerage cost involved in adopting the CM transactions. Research limitations/implications: The research proposes a risk mitigation and enhanced Shariah compliance framework such as strait through processing (STP) and commodity broker’s standard guideline for Islamic banks to adopt CM practices. Practical implications: This study provides direction and guidance to the Islamic Commercial Banks, Commodity Brokers and regulator (BNM) involved in the banking system to reflect upon the importance to understand the issues and limitation of CM. By highlighting the importance of efficiency in terms of time and cost saving together with Shariah issues, Islamic banks can design policies to enhance efficiency in order to either decide to maintain the adoption of CMP or to consider the proposed alternative. Social implications:Understanding the Shariah compliance and operational issues will enhance the integrity of Islamic banks which is consistent with Key Economic Growth Area of making Malaysia as International Islamic Financial Hub 2.0.

EMERGING TRENDS IN BANKING SECTOR - ITS CHALLENGES AND OPPORTUNITIES

2018 ◽  
Vol 6 (26) ◽  
Author(s):  
Karigoleshwar .
Keyword(s):  
Banking Sector ◽  
Banking Industry ◽  
Banking System ◽  
Major Change ◽  
Commercial Banking ◽  
Foreign Banks ◽  
Emerging Trends ◽  
Reserve Bank ◽  
Challenges And Opportunities ◽  
Multiple Regions

In financial sector the banking industry is the largest player, has also been undergoing a major change. Today the banking industry is stronger and capable of withstanding the pressures of competition. Today, we are having a fairly well developed banking system with different classes of banks – public sector banks, foreign banks, private sector banks – both old and new generation, regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system. In the banking field, there has been an unprecedented growth and diversification of banking industry has been so stupendous that it has no parallel in the annals of banking anywhere in the world. The banking industry has experienced a series of significant transformations in the last few decades. Among the most important of them is the change in the type of organizations that dominate the landscape. Since the eighties, banks have increased the scope and scale of their activities and several banks have become very large institutions with a presence in multiple regions of the country.' The paper examines the new trends in commercial banking. The present era the cashless transactions, E-cheques, mobile wallets. The paper attempts to present the emerging trends and its challenges that recently emerged in the banking sector with special emphasis on digitization. It will be useful to the academicians, banking and insurance personnel, students and researchers. Common readers also know the latest innovations in banking sector

Development of a Mobile Time Banking system on Blockchain (MTBB) for Community Elderly Care (Preprint)

2019 ◽  
Author(s):  
Hungyi Chen ◽  
Yuan-Chia Chu ◽  
Feipei Lai
Keyword(s):  
Care Service ◽  
Elderly Care ◽  
Banking System ◽  
The Elderly ◽  
Community Services ◽  
The Other ◽  
Smartphone App ◽  
Smartphone Apps ◽  
Member Service ◽  
Blockchain Technology

BACKGROUND Time banking is a good mechanism to provide elderly care in community services with members having mutual benefits, besides social welfare and out-of-pocket fee payment mechanisms. With further integration with off-line works, mobile time banking may provide a better way, compared to traditional web access. On the other hand, blockchain technology has been long encountering difficulty in integrating with real-world economies or activities. Development of a mobile time banking system on blockchain (MTBB) may provide a realistic solution for community elderly care. Besides, the tracking mechanism from blockchain technology itself may also help track the elderly care service transaction records in order to measure better Sustainable Development Goals (SDGs) set by United Nations (UN). OBJECTIVE The aim of this study was to develop the MTBB, which enables tracking service transaction records in community elderly care through mutual helps. METHODS The MTBB was developed to empower organizations, either Corporate Social Responsibility (CSR) organizations, or Non-Profit Organizations (NPOs), to issue time tokens of their proprietary token types to the members who participate in the volunteer activities organized by the organizations respectively. In the service activities, members sign in and sign out before and after the services by using a smartphone app, and then get the time tokens afterwards. Members with time tokens can then exchange time tokens for elderly care services using the same smartphone app. MultiChain is used as the blockchain technology stack, as one of its features to support multiple token types is critical. RESULTS Database applications with smartphone apps integrated with MultiChain were developed. The whole set of the database schema was integrated with two smartphone apps, one for members, and the other for organizations, in addition to the two backend operations modules, one for organizations, and the other for managing all organizations and members. The MultiChain wallet was also integrated into the member app, as well as the organization backend modules for keeping track of the service transactions and time tokens. Metadata with the service transaction information is stored in the MultiChain blocks so that the transaction records are immutable and can thus be analyzed in the future. CONCLUSIONS The twelve characteristics of Cahn’s time banking are the guidelines of developing this MTBB with integration of MultiChain blockchain technology for tracking service transaction records. The study also combines the 1-to-1 member service exchange with organizations holding volunteer activities and issuing proprietary time tokens. With the blockchain transaction tracking mechanism, all of the elderly care service records through or within organizations can be tracked and analyzed to align with UN’s five SDGs.

scholarly journals Research on Blockchain-Based E-Bidding System

2021 ◽  
Vol 11 (9) ◽  
pp. 4011
Author(s):  
Dan Wang ◽  
Jindong Zhao ◽  
Chunxiao Mu
Keyword(s):  
Data Transmission ◽  
Privacy Protection ◽  
Graph Isomorphism ◽  
Third Party ◽  
Business Logic ◽  
Core Concept ◽  
The Core ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Bidding Process

In the field of modern bidding, electronic bidding leads a new trend of development, convenience and efficiency and other significant advantages effectively promote the reform and innovation of China’s bidding field. Nowadays, most systems require a strong and trusted third party to guarantee the integrity and security of the system. However, with the development of blockchain technology and the rise of privacy protection, researchers has begun to emphasize the core concept of decentralization. This paper introduces a decentralized electronic bidding system based on blockchain and smart contract. The system uses blockchain to replace the traditional database and uses chaincode to process business logic. In data interaction, encryption techniques such as zero-knowledge proof based on graph isomorphism are used to improve privacy protection, which improves the anonymity of participants, the privacy of data transmission, and the traceability and verifiable of data. Compared with other electronic bidding systems, this system is more secure and efficient, and has the nature of anonymous operation, which fully protects the privacy information in the bidding process.

scholarly journals Blockchain Disrupting Fintech and the Banking System

Proceedings ◽  
2021 ◽  
Vol 74 (1) ◽  
pp. 24
Author(s):  
Eduard Alexandru Stoica ◽  
Daria Maria Sitea
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Big Data ◽  
Financial Institutions ◽  
New World ◽  
Great Part ◽  
Banking System ◽  
Daily Activities ◽  
Blockchain Technology ◽  
Almost All

Nowadays society is profoundly changed by technology, velocity and productivity. While individuals are not yet prepared for holographic connection with banks or financial institutions, other innovative technologies have been adopted. Lately, a new world has been launched, personalized and adapted to reality. It has emerged and started to govern almost all daily activities due to the five key elements that are foundations of the technology: machine to machine (M2M), internet of things (IoT), big data, machine learning and artificial intelligence (AI). Competitive innovations are now on the market, helping with the connection between investors and borrowers—notably crowdfunding and peer-to-peer lending. Blockchain technology is now enjoying great popularity. Thus, a great part of the focus of this research paper is on Elrond. The outcomes highlight the relevance of technology in digital finance.

scholarly journals Blockchain-Based Application for Certification Management

2020 ◽  
Vol 14 (4) ◽  
pp. 488-492
Author(s):  
Jovan Karamachoski ◽  
Ninoslav Marina ◽  
Pavel Taskov
Keyword(s):  
Supply Chain ◽  
Business Models ◽  
Human Factor ◽  
Computer Code ◽  
Chain Management ◽  
Practical Applications ◽  
Sustainable Technologies ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Crucial Part

Blockchain technology will bring a disruption in plenty of industries and businesses. Recently it proved the robustness, immutability, auditability, in many crucial practical applications. The blockchain structure offers traceability of actions, alterations, alerts, which is an important property of a system needed for development of sustainable technologies. A crucial part of the blockchain technology regarding the optimization of the processes is the smart contract. It is a self-executable computer code, open and transparent, encoding the terms of a regular contract. It is able to automate the processes, thus decreasing the human-factor mistakes or counterfeits. In this paper, we are presenting the feasibility of the blockchain technology in the certification processes, with an application developed for university diploma certification. The example is easily transferable in other areas and business models such as logistics, supply chain management, or other segments where certification is essential.

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