Blockchain-based Payment Systems Targeting Small Business Activation and Donation Purposes

Safara, Soheil; Sajedi Hajati, Davood

doi:10.22034/jaisis.2022.367538.1050

Blockchain-based Payment Systems Targeting Small Business Activation and Donation Purposes

Document Type : Original Article

Authors

Soheil Safara ¹

Davood Sajedi Hajati ²

¹ Department of Engineering, Mehr Alborz University, Tehran, Iran

² Department of Engineering, Mazandaran University of Science and Technology, Babol, Iran

10.22034/jaisis.2022.367538.1050

Abstract

Involving reliable, trustworthy, and transparent features of blockchain technology in payment systems are an indispensable criterion for boosting businesses and increasing the efficacy of different processes. In this regard, our paper provides a non-trivial study of embedding blockchain technology into the payment systems of initiating a small business as well as donating procedures in disaster-based applications. To do so, current standard instructions for both cases are first analyzed. Then, the drawbacks of the current payment system in these applications are elaborated. Next, it is demonstrated how the proposed blockchain framework evolves the traditional payment systems and flourishes the previous business process of corresponding cases. Using graphical and pseudo-code-based representation, the underlying mechanism of the smart contracts associated with blockchain technology is also highlighted. The contributive framework that is described in this paper can considerably be useful to promote the application of the donation system particularly when it comes to urgent circumstances.

Keywords

Blockchain

Payment systems

Smart contract

Entrepreneur

Charitable donations

Subjects