- Major problems which are need to be addressed in less economically developed countries in the Global Village are black money and counterfeit. I implemented Hyperledger Fabric with real demonstrative web application to solve the previously mentioned issue.
- A fundamental element of a Hyperledger Fabric blockchain network is the set of peer nodes (or simply, peers). Peers are fundamental because they manage ledgers and smart contracts. Starting in Hyperledger Fabric v2.4, peers also manage transaction proposals and endorsements by running the Fabric Gateway service. Recall that a ledger immutably records all of the transactions generated by smart contracts (which in Hyperledger Fabric are contained in chaincode, more on this later) and endorsed by the required organizations. Smart contracts and ledgers encapsulate the processes and information, respectively, that are shared by channel peers. These aspects of peers make them a good starting point for understanding a Fabric network.
1.1. Problem Statement
- Major issues of our today's topic are black money and their negative consequences on the government’s economy and ordinary people lifestyle. Counterfeit money is used illegally and its usage without paying any tax in the domestic market brings inflation in the economy. Moreover, little work has been done to the analysis of the impact of the black market exchange rate on the long-run demand for money in economies that have black market activities for their currencies, like less economically developed countries: India, Pakistan, Uruguay and others. To be precise, foreign currency exchange rate in black market as double as the price in the governmental official bank.
1.2. Solution
- Ideal solution for the problem stated above is to come up with an efficient monitoring system which should have no any vulnerabilities against tracking counterfeit money and their usage in the domestic market. Monitoring should be done efficiently and without any delay. What is important, the solution should ensure that fake money is detected and inform the user as well as authority about its existence in the system. So that preventive action could be taken immediately. Better solution for this case would be the implementation of the Hyperledger Fabric technology. By making the ledger of all transactions including money serial numbers, our system automatically detects any kind of counterfeit money and prevents their usage in the market.
1.3. Network setup and web application run
- Bring up the Hyperledger Network, for this we have to be in
money-blockchain/money-appdirectory:
- Install node modules inside the money-app directory:
$ cd...money-blockchain/money-app $ npm install -g - Then register admin:
- Register user:
- Run the server:
- Web API on web browser:
- Query all money packets:
- Query ledger result on the terminal:
- Query a specific money packet on web:
- Specific transaction information on terminal:
- Create new packet to the ledger:
- Generate unique id transaction:
- New packet appears on the ledger:
- New record is added to the ledger on terminal environment:
- Changing money holder in the ledger:
- Assigning transaction id:
- Query all money packets after updating the owner information:
- Owner updates to the newest one on the terminal ledger:
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Black money and fake money are two major conundrums to the development of the third world and particularly less economically developed countries worldwide. In the paper, we propose the mechanism which records money exchange information including the particular money with serial number, date, owner on the ledger and informs about black money when serial number does not match with the Public Ledger information.
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Publication link: https://www.dbpia.co.kr/journal/articleDetail?nodeId=NODE09354936&language=ko_KR&hasTopBanner=true
