Financial solution for balancing global economy, poverty and hunger differences through blockchain secured real time traceability system

Abstract

The grave challenges of inequality, hunger and poverty are escalating in most of developing countries including India, thereby jeopardizing the overall growth of our country as well as the global economy. Under such crippling situations of poverty and inequality, the magnitude of inefficient and unsystematic lending practices, lack of monitoring by lenders and related fraudulent activities are on the rise, thereby causing a substantial build-up of non-performing assets as one of the emerging risks for the financial sector. The available finance management tools, in fact, lack the capability of real-time execution, fund deployment, credit risk assessment and project viability monitoring. This manuscript describes how a combination of process modeling, execution and measurement can be deployed for assessing financial traceability with accounting, billing, inventory & real-time project tracking and monitoring updates. The explicit process accounts primarily for due diligence framework; controls financial traceability; as well as geo-mapping, fencing & tagging based tangible process assessment of projects prior to lending, during and post implementation. Ultimately, the proposed blockchain secured finance solution (B-Bank™) will cause optimization of credit risk capital at both stages of pre-sanction, pre-disbursement and post implementation of projects, thereby balancing and strengthening the financial institutions and ultimately the global economy.