Blockchain Infrastructure and Web Application for Dematerialization of Promissory Notes

Promissory Notes (PN) are essential financial instruments that formalize an entity's commitment to repay another party. Despite their widespread use, reliance on paper-based documentation presents significant inefficiencies. This work addresses these limitations by fully digitalizing the whole process in a dependable manner. In detail, we propose a framework build upon a permissioned forkless blockchain. The system provides an application programming interface (API) to enhance efficiency, reduce processing time, and support future scalability, and a Web application to offer intuitive and user-friendly interfaces that represent the full spectrum of PN business processes operations while ensuring the security, integrity, and compliance with legal requirements inherent to blockchain technology. The blockchain ensures data integrity by securely storing immutable records of PN transactions, while the API provides a customizable mechanism to enforce security and confidentiality. The web application will improve operational efficiency and will reduce processing times by providing user interfaces for every stakeholder and collaborators involved in the PN Business Processes.