Decentralized Cross-Border Payments: A Survey of Blockchain Technology and Token Transfer Systems
Ankita Sonawane, Rohit More, Dinesh Khairnar, Sakshi Borse
1 Ankita Sonawane, Computer Department, Sandip Institute of Engineering and Management, Maharashtra, India
2 Rohit More, Computer Department, Sandip Institute of Engineering and Management, Maharashtra, India
3 Dinesh Khairnar, Computer Department, Sandip Institute of Engineering and Management, Maharashtra , India
4 Sakshi Borse, Computer Department, Sandip Institute of Engineering and Management, Maharashtra, India
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Abstract - This project focuses on creating a web application that uses blockchain technology to facilitate secure, transparent, and efficient digital transactions. The application will represent funds as tokens, providing users with a seamless and secure method for transferring money. By leveraging the MERN stack (MongoDB, Express.js, React.js, Node.js) for development and integrating with the Ethereum blockchain, the project will implement smart contracts to automate and secure transactions. This approach aims to overcome the limitations of traditional financial systems, which often suffer from high transaction costs, slow processing times, and a lack of transparency. Traditional finance involves multiple intermediaries, leading to inefficiencies and in creased costs. This project addresses these issues by providing a decentralized platform where transactions are recorded on a public ledger, ensuring transparency and reducing the risk of fraud. The use of smart contracts further enhances security and efficiency by automatically executing transactions when predefined conditions are met, eliminating the need for intermediaries. The project primary goal is to deliver a user-friendly platform that not only simplifies the process of digital transactions but also builds trust among users. By offering detailed transaction histories and robust security features, the application will enable users to manage their funds confidently. Additionally, the decentralized nature of blockchain ensures that the platform is resilient and resistant to centralized control or failures. This specialized fintech solution is designed to cater to the growing demand for secure and efficient financial services, ultimately fostering greater user engagement and trust in digital transactions
Key Words: Blockchain, Fintech, tokenization, smart contract, decentralized finance
