Societies’ Funds Management System Using Blockchain
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Abstract
Lack of transparency of the funds and lack of immutability of the funds’ records are large problems today, especially in the societies’ funds. Leveraging the Ethereum Blockchain, the system ensures complete transparency and security in recording and accessing financial transactions for any society. Advanced encryption and blockchain consensus protocols guarantee data privacy and resilience against fraud or tampering. The information entered in the system helps the treasurer to effectively manage funds and accurately and transparently pass appropriate financial transactions. This project meets the challenges of transparency and immutability in society’s fund records, providing an assurance system and promoting growth for the community's financial integrity. According to the iterative development model, the major components are user login, user management, payment status monitor, and funds history. A solution for a live transparent platform for their team members to have access to their financial data to build trust and get them involved. The system organizes the administrative tasks of bookkeeping, enabling the treasurer to be financially secure while maintaining trackable transactions. The key module of this system includes user login, user management, payment status tracking, and funds history. In the end, this project solves the stated problems by providing a safe path for growth and financial transparency.
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