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eMudra - A leftover foreign currency exchange system utilizing the blockchain technology

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conference contribution
posted on 2023-06-10, 02:05 authored by Rituparna Bhattacharya, Martin WhiteMartin White, Natalia BeloffNatalia Beloff
The 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 proceedings

ISSN

2367-3370

Publisher

Springer

Volume

508

Page range

388-408

Event name

Computing Conference 2022

Event location

London, UK

Event type

conference

Event date

14-15 July 2022

Series

Lecture Notes in Networks and Systems

Department affiliated with

  • Informatics Publications

Research groups affiliated with

  • Creative Technology Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2022-01-05

First Compliant Deposit (FCD) Date

2021-12-23

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