State Government Fund Allocation & Racking System Over Blockchain

Abstract

This paper explores the utilization of blockchain technology as a solution to the challenges faced by state
governments in managing various schemes and their funds distribution. With numerous departments offering
different schemes, there arises a need for a centralized system capable of securely tracking applications, approval
statuses, and sanctioned amounts. Blockchain technology offers inherent security features such as immutability,
consensus mechanisms, and cryptographic encryption, ensuring only authorized access and preventing
unauthorized alterations to data. Transactions are pooled before being added to the blockchain, reducing costs
associated with individual transactions. By leveraging blockchain, governments can improve efficiency, enhance
user experience, and potentially address other administrative challenges through the integration of emerging
technologies. This paper advocates for the adoption of blockchain as a means to enhance transparency, security,
and effectiveness in government schemes and operations.