ITM Web Conf.
Volume 40, 2021International Conference on Automation, Computing and Communication 2021 (ICACC-2021)
|Number of page(s)||6|
|Published online||09 August 2021|
Foreign money transfer using blockchain
1 HOD, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of Technology, Mumbai, India
2 Student, Dept. of Computer Engineering, Vivekanand Education Society’s Institute of Technology, Mumbai, India
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.
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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