Blockchain-Based Chit Fund System: A Financial Inclusion Tool

Recent government surveys indicate the presence of a large populous, who do not have access to banking or credit services. The majority of these people reside in rural areas, where there is a lack of networking and banking infrastructure. Also, several restrictions are imposed by the government in order to be eligible for availing various services. The banks and other financial institutions are also challenged from a business standpoint to make these services available in the remote areas. In order to tackle this issue, a blockchain-based chit fund solution was designed in this paper. Here, the main motive is to provide financial inclusion for these indigent people. Besides that, with blockchain technology, an innovative system can be developed to help individuals to save or credit as per their need.