Blockchain framework for the management of project finances in developing countries

Abstract

The management of project finances in developing countries presents numerous challenges, including inefficiencies, lack of transparency, and susceptibility to corruption. This paper proposes a blockchain-based framework to address these issues, leveraging the decentralized and immutable nature of blockchain technology. By employing smart contracts and decentralized ledgers, the framework aims to enhance transparency, accountability, and efficiency in financial transactions and project management. The proposed blockchain framework enables secure and transparent tracking of funds, ensuring that financial resources are utilized as intended. This study explores the potential benefits and challenges of implementing blockchain technology in the financial management of development projects, providing a comprehensive analysis of its impact on governance, stakeholder trust, and overall project success. This study aims to design a detailed Blockchain framework that will be developed, outlining the architecture, protocols, and implementation strategies tailored specifically for managing project finances in developing countries. This framework will serve as a practical guide for policymakers, development agencies, and project managers, demonstrating how blockchain can transform financial management practices, contributing to sustainable development and economic growth. Through case studies and theoretical analysis, this paper will illustrate the transformative potential of blockchain technology in fostering financial integrity and efficiency in development projects.