Aid Nexus : A Blockchain Based Financial Distribution System (2311.08372v1)

Abstract: Blockchain technology has emerged as a disruptive force with transformative potential across numerous industries, promising efficient and automated solutions that can revolutionize traditional systems. By leveraging decentralized ledger systems, blockchain offers enhanced security, transparency, and transaction verification without the need for intermediaries. The finance sector is exploring blockchain-based solutions for payments, remittances, lending, and investments, while healthcare adopts the technology for medical record keeping, supply chain tracking, and data management. Similarly, supply chain management benefits from blockchain's ability to enhance transparency, traceability, and accountability from raw materials to finished products. Other sectors, including real estate, energy, and government, are also investigating blockchain-based solutions to improve efficiency, security, and transparency. Furthermore, smart contracts within the blockchain enable process automation, reducing manual intervention in distribution workflows. AidNeux, a consortium-based blockchain DApp, reimagines the distribution of financial assistance by addressing inefficiencies and opaqueness. Using smart contracts ensures the security and directness of money transfers. Its robust digital identity verification and real-time auditability reduce fraud risks and strengthen accountability, thereby presenting a scalable, transparent solution to problems inherent to conventional financial aid systems.