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eMudra - A leftover foreign currency exchange system utilizing the blockchain technology
conference contribution
posted on 2023-06-10, 02:05 authored by Rituparna Bhattacharya, Martin WhiteMartin White, Natalia BeloffNatalia BeloffThe global travel industry leaves almost every traveller with some amount of leftover foreign currency at the end of the trip. Most travellers are unable to use these leftover foreign currencies efficiently and profitably because exchange bureau rates do not favour the traveller nor accept low denomination coins. In this paper, we explore existing currency exchange systems for leftover foreign currency and consider prevalent challenges. We propose an innovative system, eMudra, for exchanging cash based leftover foreign currency by integrating smart kiosk-based systems with peer-to-peer currency exchange utilizing the concept of blockchain technology alleviating the challenges. A key component of our system advocates the role of wearable technology for secure identification with a kiosk-based transactions user interface. We have implemented, tested and evaluated eMudra components - the User Wallet and the Transaction Management Network as a permissioned consortium blockchain while simulating the kiosk interface and associated physical bill and coin exchange. Leftover foreign currency lying unused in the wallets and drawers of travellers is significant and can easily add up to billions if considered globally. Our blockchain based system, eMudra, can play an important role in bringing these currencies back into the global economy by making money deposit, management and exchange process easy and lucrative.
History
Publication status
- Published
File Version
- Accepted version
Journal
Computing Conference 2022 proceedingsISSN
2367-3370Publisher
SpringerExternal DOI
Volume
508Page range
388-408Event name
Computing Conference 2022Event location
London, UKEvent type
conferenceEvent date
14-15 July 2022Series
Lecture Notes in Networks and SystemsDepartment affiliated with
- Informatics Publications
Research groups affiliated with
- Creative Technology Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2022-01-05First Compliant Deposit (FCD) Date
2021-12-23Usage metrics
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