Skip to main content
SpringerLink
Log in

Pioneering a New Era of Global Transactions: Decentralized Overseas Transactions on the Blockchain

  • Conference paper
  • First Online:
Micro-Electronics and Telecommunication Engineering (ICMETE 2023)

Part of the book series: Lecture Notes in Networks and Systems ((LNNS,volume 894))

  • 74 Accesses

Abstract

Nowadays, it has become harder to transfer money overseas. Overseas transactions have intermediaries and lengthy settlement times, leading to increased remittance taxes due to financial institutions and regulatory requirements. Based on the review, we propose a novel approach using blockchain technology for overseas transactions. By using a decentralized finance application in blockchain technology, we are creating an application that converts the fiat currency which is an actual currency into a stablecoin (USDC). This stablecoin is transferred using blockchain and the user receives it back as a fiat currency. We process overseas transactions with lower remittance taxes and in less duration efficiently and securely.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 189.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 249.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Pullanoor H (2023) A new 20% tax makes it more expensive to move money out of India, retrieved from Quartz

    Google Scholar 

  2. Crail C (2023) Foreign transaction fees, retrieved from forbes Advisor

    Google Scholar 

  3. Everything You Need To Know About Tax on International Money Transfer, retrieved from Jupiter (2022)

    Google Scholar 

  4. Massimo, Pierro D (2017) What is the blockchain, IEEE Xplore

    Google Scholar 

  5. Zibin Z, Xie S, Dai H-N, Chen W, Chen X, Weng J, Imran M (2020) An overview on smart contracts: challenges, advances and platforms. Future Generat Comput Syst 105:475–491

    Google Scholar 

  6. What is Ethereum, retrieved from https://ethereum.org/en/what-is-ethereum/

  7. Rosen A (2023) What is cryptocurrency? Retrieved fromretrieved from NerdWallet

    Google Scholar 

  8. Hayes A (2022) Stablecoins: definition, how they work, and types, retrieved from in- estopedia

    Google Scholar 

  9. Luca Fantacci and Lucio Gobbi, Stablecoins, Central Bank Digital Currencies and US Dol- lar Hegemony, retrieved from google schola(2020)

    Google Scholar 

  10. Internal wire transaction system via SWIFT, retrieved from AitaNovarica

    Google Scholar 

  11. Ideal structure of SWIFT system retrieved from Ideal structure of SWIFT system retrieved from smartencyclopedia.org

    Google Scholar 

  12. SEC Charges Ripple and Two Executives with Conducting $1.3 Billion Unregistered Securities Offering, U.S Securities and Exchange Commissions (2020) retrieved from https://www.sec.gov/news/press-release/2020-338

  13. Convert USD Coin to US Dollar retrieved from https://www.coinbase.com/converter/usdc/usd

  14. What is DeFi? Coinbase retrieved from https://www.coinbase.com/learn/crypto-basics/

  15. Sahu L, Sharma R, Sahu I, Das M, Sahu B, Kumar R (2021) Efficient detection of Parkinson’s disease using deep learning techniques over medical data. Expert Syst 12787. https://doi.org/10.1111/exsy.12787

  16. Sharma R, Kumar R, Sharma DK et al (2021) Water pollution examination through quality analysis of different rivers: a case study in India. Environ Dev Sustain. https://doi.org/10.1007/s10668-021-01777-3

    Article  Google Scholar 

  17. Ha DH, Nguyen PT, Costache R et al (2021) Quadratic discriminant analysis based ensemble machine learning models for groundwater potential modeling and mapping. Water Resour Manage. https://doi.org/10.1007/s11269-021-02957-6

    Article  Google Scholar 

  18. Dhiman G, Sharma R (2021) SHANN: an IoT and machine-learning-assisted edge cross-layered routing protocol using spotted hyena optimizer. Complex Intell Syst. https://doi.org/10.1007/s40747-021-00578-5

    Article  Google Scholar 

  19. Sharma R, Gupta D, Polkowski Z, Peng S-L (2021) Introduction to the special section on big data analytics and deep learning approaches for 5G and 6G communication networks (VSI-5g6g). Comput Electri Eng 95:107507. ISSN 0045-7906. https://doi.org/10.1016/j.compeleceng.2021.107507

  20. Singh PD, Dhiman G, Sharma R (2022) Internet of things for sustaining a smart and secure healthcare system. Sustain Comput: Inform Syst 33:100622. ISSN 2210–5379. https://doi.org/10.1016/j.suscom.2021.100622

  21. Sharma R, Arya R (2021) A secure authentication technique for connecting different IoT devices in the smart city infrastructure. Cluster Comput. https://doi.org/10.1007/s10586-021-03444-8

    Article  Google Scholar 

  22. Sharma R, Arya R (2021) Secure transmission technique for data in IoT edge computing infrastructure. Complex Intell Syst. https://doi.org/10.1007/s40747-021-00576-7

    Article  Google Scholar 

  23. Rai M, Sharma R, Satapathy SC et al (2022) An improved statistical approach for moving object detection in thermal video frames. Multimed Tools Appl. https://doi.org/10.1007/s11042-021-11548-x

    Article  Google Scholar 

  24. Rasika V, Rohit S (2022) Dual notched conformal patch fed 3-D printed two-port MIMO DRA for ISM band applications. Frequenz. https://doi.org/10.1515/freq-2021-0242

  25. Sharma N, Sharma R (2022) Real-time monitoring of physicochemical parameters in water using big data and smart IoT sensors. Environ Dev Sustain. https://doi.org/10.1007/s10668-022-02142-8

    Article  Google Scholar 

  26. Anandkumar R, Dinesh K, Obaid AJ, Malik P, Sharma R, Dumka A, Singh R, Khatak S (2022) Securing e-Health application of cloud computing using hyperchaotic image encryption framework. Comput Electri Eng 100:107860. ISSN 0045-7906. https://doi.org/10.1016/j.compeleceng.2022.107860

  27. Sharma R, Xin Q, Siarry P, Hong W-C (2022) Guest editorial: deep learning-based intelligent communication systems: using big data analytics. IET Commun. https://doi.org/10.1049/cmu2.12374

    Article  Google Scholar 

  28. Sharma R, Arya R (2022) UAV based long range environment monitoring system with Industry 5.0 perspectives for smart city infrastructure. Comput Indus Eng 168:108066. ISSN 0360-8352. https://doi.org/10.1016/j.cie.2022.108066

Download references

Author information

Authors and Affiliations

  1. Department of Electronics and Communication Engineering, SRM Institute of Science and Technology, Kattankulathur, India

    Khadeer Dudekula

  2. Department of Networking and Communications, SRM Institute of Science and Technology, Kattankulathur, India

    Panaiyappan K. Annapurani

Authors
  1. Khadeer Dudekula
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Panaiyappan K. Annapurani
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Panaiyappan K. Annapurani .

Editor information

Editors and Affiliations

  1. Department of Electronics and Communication Engineering, ABES Engineering College, Ghaziabad, Uttar Pradesh, India

    Devendra Kumar Sharma

  2. National Taipei University of Business, Taoyuan, Taiwan

    Sheng-Lung Peng

  3. Department of Electronics and Communication Engineering, ABES Engineering College, Ghaziabad, Uttar Pradesh, India

    Rohit Sharma

  4. Department of Embedded Systems Engineering, Incheon National University, Incheon, Korea (Republic of)

    Gwanggil Jeon

Rights and permissions

Reprints and permissions

Copyright information

© 2024 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Dudekula, K., Annapurani, P.K. (2024). Pioneering a New Era of Global Transactions: Decentralized Overseas Transactions on the Blockchain. In: Sharma, D.K., Peng, SL., Sharma, R., Jeon, G. (eds) Micro-Electronics and Telecommunication Engineering. ICMETE 2023. Lecture Notes in Networks and Systems, vol 894. Springer, Singapore. https://doi.org/10.1007/978-981-99-9562-2_14

Download citation

  • DOI: https://doi.org/10.1007/978-981-99-9562-2_14

  • Published:

  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-99-9561-5

  • Online ISBN: 978-981-99-9562-2

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics

Search

Navigation