Reconciliation and tracking of government funds on blockchain

Abstract

Finance is the backbone of any Organization. Government is no different. The financial health of the Government is critically dependent on the efficiency with which its funds are managed. One of the most significant challenges that sparked this project in applying blockchain was the lengthy and costly manual reconciliation and tracking process, which took up to 2 months. Under the current platform, the Ministry of Finance and other participating stakeholders had limited visibility of funds, collections, and transactions. The ministry’s current procedures rely on staff members manually reconciling payments, as well as tracking them and deducting fees, before transferring the remaining amounts to relevant authorities, which is time-consuming. .As such, resulting disputes, claims and reversals continued to remain largely manual procedures. We have designed a blockchain reconciliation and tracking system to create a more effective layer to address the limitations of the existing platform.