Managing Financial Investment and Interest using Blockchain

Managing finance is a crucial task be it for a whole country or the common man. Although the centralized finance and banking systems has served its purpose for so many years it has also been the target of attacks and while it may be have resisted some of them it has also fallen victim to a lot of intruders due to having a central point of failure. With banks and other financial organizations, a central authority has control over almost all the money of people and the question of trust and transparency arises. Leaving aside the aspect of hackers, it is without a doubt that the biggest threat to the global economy and the nightmare of many countries right now with the Covid pandemic is a financial crisis which is a decline in the values of assets for a financial institution. If the current centralized finance model is put under the microscope the list of flaws may continue. In this research, some of the major shortcomings of the existing financial systems will be highlighted and a solution using blockchain technology which is renowned for its transparency, immutability and security features will be proposed. These features can definitely prove to be beneficial in contributing towards a corruption and fraud-free system.