Foreign money transfer using blockchain

Abstract

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.