International Journal of Computer Science & Network Security

International Journal of Computer Science & Network Security (국제컴퓨터통신보호논문지학회)
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A Blockchain Framework for Investment Authorities to Manage Assets and Funds

  • Vinu Sherimon (Department of IT, University of Technology and Applied Sciences) ;
  • Sherimon P.C. (Faculty of Computer Studies, Arab Open University) ;
  • Jeff Thomas (Department of Computer Science and Engineering, Saintgits College of Engineering) ;
  • Kevin Jaimon (Department of Computer Science and Engineering, Saintgits College of Engineering)
  • Received : 2023.11.05
  • Published : 2023.11.30
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Abstract

Investment authorities are broad financial institutions that carefully manage investments on behalf of the national government using a long-term value development approach. To provide a stronger structure or framework for In-vestment Authorities to govern the distribution of funds to public and private markets, we've started research to create a blockchain-based prototype for managing and tracking numerous finances of such authorities. We have taken the case study of Oman Investment Authority (OIA) of Sultanate of Oman. Oman's wealth is held in OIA. It is an organization that oversees and utilizes the additional capital generated by oil and gas profits in public and private markets. Unlike other Omani funds, this one focus primarily on assets outside the Sultanate. The operation of the OIA entails a huge number of transactions, necessitating a high level of transparency and administration among the parties involved. Currently, OIA relies on various manuals to achieve its goals, such as the Authorities and Responsibilities manual, the In-vestment Manual, and the Code of Business Conduct, among others. In this paper, we propose a Blockchain based framework to manage the operations of OIA. Blockchain is a part of the Fourth Industrial Revolution, and it is re-shaping every industry. The main components of every blockchain are assets and participants. The funds are the major assets in the proposed study, and the participants are the various fund shareholders/recipients. The block-chain's transactions are all safe, secure, and immutable, and it's part of a trustless network. The transactions are simple to follow and verify. By replacing intermediary firms with smart contracts, blockchain-based solutions eliminate any middlemen in the fund allocation process.

Keywords

Acknowledgement

The research leading to these results has received funding from the Research Council (TRC) of the Sultanate of Oman under the Block Funding Program BFP/RGP/ICT/20/438.

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