A New Paradigm in Blockchain-based Financial Aid Distribution (2311.08494v1)

Abstract: Blockchain technology has emerged as a game-changer in a variety of industries, providing robust solutions that can supplant conventional procedures. The unique potential of this technology originates from its decentralized ledger systems, which enable enhanced security, transparency, and the validation of transactions without the need for intermediaries. Notably, the financial sector is making substantial progress toward implementing blockchain solutions for a variety of operations, including remittances, lending, and investments. The healthcare industry is simultaneously incorporating this technology into systems for managing medical records, tracing supply chains, and data management. Similarly, the capacity of blockchain to enhance transparency, traceability, and accountability is widely acknowledged in supply chain management, from the procurement of basic materials to the delivery of finished goods. Diverse industries, including real estate, energy, and government, are actively investigating the potential of blockchain to improve efficiency, security, and transparency. Notably, Hyperledger Besu, an open-source blockchain platform, is used to implement smart contracts that automate processes and reduce manual intervention along distribution pathways. This exhaustive review examines the transformative potential of blockchain technology across a variety of industries, discussing the obstacles encountered and providing key insights into future research and development directions. This paper seeks to serve as a pivotal resource for academics, industry stakeholders, and policymakers by synthesizing existing scholarly literature and shedding light on significant findings.