Blockchain based Application for Exchange of Left over Foreign Currency
Gökay Saldamlı, Shreyas Babji, Miroslav Grubic, Nischala Raja Shekar, Chaitra Satyanarayana · 2019
Along with the increase in international travel there is a consequential rise in the amount of leftover currency (LFC) or the paper bills/coins that people cannot spend during their international travel. This cash mostly stay in people's pockets and travels back to people's home country. There are ways that LFC can be brought back into the economy such as souvenir shopping at the airports, donations to a charity wending machine or throwing into fountains to wish. However, these means of utilization have various limitations associated with them. Hence, there is a need for a transparent and a more convenient method to spend the LFC. In this work, we implement a system that solves the LFC problem by converting it into a cryptocurrency. The process of conversion requires depositing the LFC at a kiosk. The users can then use an android application to receive the cryptocurrency which they deposit in the foreign country. The amount of cryptocurrency bought by current rate appears in the users' e-wallet. The kiosk backend handles the currency and storage of critical transactions in a blockchain. The proposed system gives a fairly simple solution for a long lasting problem that is only possible because of the blockchain technology.