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2024 | OriginalPaper | Chapter

Pioneering a New Era of Global Transactions: Decentralized Overseas Transactions on the Blockchain

Authors : Khadeer Dudekula, Panaiyappan K. Annapurani

Published in: Micro-Electronics and Telecommunication Engineering

Publisher: Springer Nature Singapore

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Abstract

Nowadays, it has become harder to transfer money overseas. Overseas transactions have intermediaries and lengthy settlement times, leading to increased remittance taxes due to financial institutions and regulatory requirements. Based on the review, we propose a novel approach using blockchain technology for overseas transactions. By using a decentralized finance application in blockchain technology, we are creating an application that converts the fiat currency which is an actual currency into a stablecoin (USDC). This stablecoin is transferred using blockchain and the user receives it back as a fiat currency. We process overseas transactions with lower remittance taxes and in less duration efficiently and securely.

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Title: Pioneering a New Era of Global Transactions: Decentralized Overseas Transactions on the Blockchain
Authors: Khadeer Dudekula
Panaiyappan K. Annapurani
Publisher: Springer Nature Singapore
Book: Micro-Electronics and Telecommunication Engineering
Print ISBN: 978-981-9995-61-5

Electronic ISBN: 978-981-9995-62-2

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-981-99-9562-2_14