Prekkha: A Blockchain Based Platform to Track and Provide Financial Aid

Abstract

The continuous digitization of financial amenities and money exposes prospects for more comprehensive and systematized financial amenities and economic growth. The five basic needs of modern humans include food, clothing, shelter, education, and healthcare. The modernization of technology over the past few decades has granted engineers and problem solvers the ability to use this technology to fulfill people’s demands almost instantaneously. There are plenty of privileged people who are capable of affording good education, healthcare, and all the other necessities that are an integral part of modern humans, but not all individuals are so fortunate. One of the ways of helping underprivileged individuals is through financial aid. And to carry out the whole financial aid process or donation there are plenty of charity organizations in the world. Many people around the world do donate to these nonprofit charity organizations so that they can help people in need. But scandals and corruption regarding charity funds have made donors a bit skeptical about these organizations. Since they really do not know what is happening to their donated money or are able to track them. The donors do not have a secure system that can help track and provide financial aid. This is where the system that we created comes in. Our project “Prekkha: A Blockchain Based Platform to Track and Provide Financial Aid”, is an online platform that is specially designed to track donations and make sure that students, patients, and children from orphanages get the donation requested by them. The primary technology behind this system is blockchain and smart contracts. Through the use of blockchain, we are able to mitigate the number of middlemen and greatly reduce the risks of corruption or money mismanagement by an organization. Our system will give donors more control over what is happening to their donated money. And every record of any sort of transaction will be stored in the blockchain, so no one will be able to alter the records.