Fair E-Charity and Zakat using Blockchain Technology

The main theme and idea behind this project is to make Charity and Zakat transactions fair, transparent and auditable using blockchain technology as it is an open ledger. Blockchain is a novel modern technology emerged in 2008 with the invention of crypto currency, Bitcoin by Satosh Nakamoto

Project Title

Fair E-Charity and Zakat using Blockchain Technology

Project Area of Specialization

Blockchain

Project Summary

The main theme and idea behind this project is to make Charity and Zakat transactions fair, transparent and auditable using blockchain technology as it is an open ledger. Blockchain is a novel modern technology emerged in 2008 with the invention of crypto currency, Bitcoin by Satosh Nakamoto.He proposed a Decentralized open ledger framework that can revolutionise the whole finance department. Any kind of monetary transactions can be made Peer to Peer (P2P) without involvement of trusted third parties.

The soul of this technology is a predefined algorithm (programme) called Smart Contract, that can never be modified once implemented.

It is so powerful that whole Government Infrastructure can run on a single chain,with human interaction limited just to supervision.

In this project we have also tried to implement this technology in a very sensitive field Charity including Zakat. There are a number of efforts that lead to finding a solution for a better charity platform. The existing systems are unstructured, ambiguous and lack the trust factor of the donors, because corruption is everywhere.

To make this whole process fair and auditable we have proposed a model that works on basis of blockchain.The proposed model comprehensively covers charity collection process using crypto wallets, Initial Coin Offering (ICO), economic model, and introduces CharityCoin (CC) as a digital currency. Furthermore, smart-contracts for pertinent use cases have also been provided, which include exchanging fiat currency to CC, buying and selling CC, transferring CC to organizations and individuals, and calling for donations.

Each penny that enters and leaves the network is recorded and monitored.

Project Objectives

Charity is our religious obligation, so the main objective of this project is to make this process transparent and secure so that funds go only to those who deserve it.

To make charity collection and distribution more efficient and autonomous by gaining people’s trust. 

To make fundraising easy and decentralized.

To guarantee privacy of involved parties because there is just one ID, public key on platform.

To make charity corruption free and records temper proof.

To encourage donors by promoting their brands on our platform.

Project Implementation Method

We will  implement this project on a customized system based on Alternate concept by defining our own difficulty levels.Working environment will be a cloud based virtual machine. Our model will run in a test environment of a well known blockchain platform “Ethereum'' used to build and deploy a decentralized application.

Smart Contracts are written in Solidity language and compiled using Remix IDE. The byte code developed by the Remix compiler is used to deploy a smart contract. Byte code of the smart contract is for the deployment of code. A private key is used to sign a transaction, for signing transactions a specific  amount of ether is used as a gas limit. The deployment of the smart contract is also added as a transaction in the blockchain.

In order to interact with a smart contract, the first thing we need is the ABI of the smart contract and the Contract_address which is created during deployment of the contract. This gives access to all functions created in the smart contract such as to sell_charitycoin, buy_charitycoin, equity_in_USD, equity_in_charitycoin, can_buy_charitycoin, and max_charitycoin defined in the smart contract. For each transaction, a record is entered in a block of blockchain with block_hash, sender_address, transaction_data, and Gas_used.

Benefits of the Project

By using this platform users get a friendly web interface to manage and monitor their account balance and flow of money across the network.

Donors can get direct interaction with beneficiaries,as well as registered organizations.

Our system offers an additional facility for Zakat, as it will automatically calculate and deduct fairly from the user's Wallet(with permission) and deliver it to the central organization.

Due to a trustworthy middleman(Blockchain) there will be a rise in philanthropy.

Anybody can access and benefit from the system.

Technical Details of Final Deliverable

Final Deliverable system is capable of registration of users/organizations and then giving login permission.Only digital currency will be accepted which user can transfer, receive or raise a fundraising appeal. 

People who contribute more are labelled with badges.Everybody will be provided transaction logs on their dashboards. Withdrawal can be done from built in currency exchange(ICO).

Additional(optional) Zakat payment facility is also available at the portal.

Final Deliverable of the Project

Software System

Core Industry

Security

Other Industries

IT , Finance

Core Technology

Blockchain

Other Technologies

Cloud Infrastructure, Shared Economy

Sustainable Development Goals

Zero Hunger, Good Health and Well-Being for People, Decent Work and Economic Growth, Reduced Inequality

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com