A Blockchain-Based System for the Secure Transfer of Assets

The existing asset transfer mechanisms have several flaws, like high costs, slow processing, and a lack of transparency. The conventional approach used for asset transfer is based on complicated, manual, paper-based processes that involve a handful of intermediaries thereby scammers take advantage of them to mislead the public and the government due to which most buyers become victims. Even the settlement and clearing processes might take many business days from the transaction date, going through numerous intermediaries with separate systems. It causes delays in payment among stakeholders as well as cash flow difficulties. The asset management industry profits from distributed ledger technology (DLT), such as blockchain. In this project, with the help of blockchain technology, we reduce the expenses while increasing operational efficiency and transparency