Adaptive Blockchain Solution to Fight Against Financial Corruption in an Organization

Abstract

This Blockchain technology is one of the most promising new technologies, having the potential to digitally transform a wide range of systems for better security, autonomy, transparency, auditability, speed, cost savings, and efficiency. These capabilities make blockchain the optimal solution to combat corruption, the issue plaguing society from within. The paper proposes a blockchain model capable of handling finances in any organization by adapting to its financial structure. It has the ability that it can be tailored by the organization on-demand as the organization’s structure modifies from the addition of employees or projects under it. Rather than storing entire data on-chain, the blockchain model stores most of the data, that are constantly being updated and created, off-chain and feed them to the blockchain using Chainlink External API. This helps in making the implemented solution scalable and efficient in use for real-life applications.