1. TCR20CS024: ASHITHA PR
2. TCR20CS025: A T ASWINI
3. TCR20CS061: TASLIM MUHAMMED MOOSA
4. TCR20CS069: AISWARYA K K
AREA OF INTEREST:
BLOCKCHAIN
TOPIC:
PayRoll Dapp
Problem Statement: -
The present payroll system comes with a large middle-man fee by the
service provider in addition to the transaction fee by the bank, making it
less secure, cumbersome, slow, and occasionally tiresome. We use
Blockchain to break down many barriers that can make global payroll and
international payments difficult or time-consuming.
Problems with current payroll systems: -
● The current payroll service provider charges a high(3%-10%)
commission on each transaction which is vast sum in an MNC where
there will be transactions of millions.
● Additionally, in the event of foreign transactions, banks impose
significant transaction costs when changing salary or contract
payments back to the local currency.
● Payroll software services rely on a third party to process and store
payroll information. In other words, this sensitive information doesn’t
remain within the walls of your workplace.
● Also, bank-based transactions are much slow which leads to a lack of
timely delivery of salary to the employee, this is especially
troublesome when the employees are remote and multi-nationals.
Proposed solution: -
PayRoll Dapp uses smart-contract secured transactions to distribute the
payment to all employees as required. In the Dapp each company can
register as an individual entity, and employees can be added to the
company using multi-level authentication, including authorization by the
company officials. The payment now can be distributed to all the
employees simultaneously with ease.
Advantages of blockchain-based payroll application: -
● Increased Transparency: Blockchain technology enables a
distributed ledger system that records all transactions and changes
made to payroll records. This provides increased transparency,
ensuring that employees can view their payment records, and
reduces the risk of fraud or error in payroll processing.
● Improved Security: Payroll records contain sensitive information,
such as personal details and financial data, which makes them
vulnerable to cyber-attacks. Blockchain technology uses
cryptographic algorithms to secure data, making it almost
impossible to hack, alter or delete records.
● Eliminates Intermediaries: Blockchain technology eliminates the
need for intermediaries such as banks, which reduces transaction
fees, and speeds up the payroll process.
● Faster Payments: With blockchain-based payroll applications,
payments can be made quickly and securely, eliminating the need
for traditional payment methods that can take days or even weeks to
process.
● Reduced Costs: Using blockchain technology can reduce payroll
processing costs, as it eliminates the need for third-party
intermediaries and reduces the risk of errors that require manual
correction.
● Immutable Records: Once a record is added to a blockchain, it
cannot be deleted or altered, providing a permanent and tamperproof record of all transactions. This creates a high degree of trust in
payroll processing and provides a solid audit trail for future
investigations.
● Compliance: Blockchain-based payroll applications can help
organizations comply with regulations such as tax laws, data
protection laws, and labour laws, by providing an auditable trail of all
transactions.