Blockchain is a shared, immutable digital ledger which stores data in a decentralized manner that facilitates the recording of transactions over a network. It has found a wide range of applications, from finance to healthcare, to supply chain management to data storage. It holds immense promise for enhancing transparency, security and building trust in numerous sectors, including finance and fund management.
India is a country with a rich tradition and culture where temples hold cultural, religious and social importance. Being such important institutions, they receive a plethora of devotees everyday who make donations worth millions of rupees everyday[7]. The management of these funds has become an increasingly complex task tainted by vices such as mishandling of funds and money laundering[6]. The traditional approach to fund management, relying heavily on banks and offline collection methods, has often raised concerns about transparency, accountability, and potential misuse of funds.
Given these challenges, blockchain appears as a possible solution to address the shortcomings of traditional fund management systems in temples. Blockchain's decentralized nature and cryptographic security features ensure transparent and accountable management of donations by temple authorities while maintaining the privacy and integrity of sensitive financial data.
Temples in India receive donations on a very large scale yet they use old centralized systems like traditional banking and cash deposits to collect donations. This builds up to a lack of transparency and accountability on the side of the temples leading to mishandling of funds and other issues like money laundering.
To develop a fund management system for temples which will be accessed by two main users:Temple admin and User via web-technology using blockchain methodology.This web-technology solves the problem of discrepancies in fund management occurring in today's time it has increased the level of transparency and eradicates middlemen between the user and temple.The user is aware where his funds are being spent with the help of blockchain each and every transaction is on a distributed ledger which will be accessible to user.Morever each transaction is triggered by smart contract and thus is immutable helping in achieving the desired goal.
Our project has successfully developed a fund management system for temples which will be accessed by two main users:Temple admin and User via web-technology using blockchain methodology.This web- based blockchain technology solves the problem of discrepancies in fund management occurring in today's time. Our project makes use of smart contact to automatically distribute funds amongst different temple expenditure accounts after reaching a certain threshold value. Morever each transaction is triggered by smart contract and thus is immutable helping in achieving the desired goal.It has increased the level of transparency and eradicates middlemen between the user and temple.The user is aware where his funds are being spent with the help of blockchain each and every transaction is on a distributed ledger which will be accessible to user thus increasing donor trust.We have focused on improving user experience by incorporating proper frontend meeting user needs.