MUMBAI, India, Aug. 31 -- Intellectual Property India has published a patent application (202621082755 A) filed by Symbiosis International Deemed University on July 03, 2026, for Blockchain-Based Cross-Border Remittance System With Smart Contract Currency Conversion And Iot Identity Verification.
Inventors include Dr. N. A. Natraj; and Dr. C. G. Balaji.
The application for the patent was published on August 28, 2026, under issue no. 35/2026.
Abstract: ABSTRACT BLOCKCHAIN-BASED CROSS-BORDER REMITTANCE SYSTEM WITH SMART CONTRACT CURRENCY CONVERSION AND IoT IDENTITY VERIFICATION A blockchain-based cross-border remittance system (100) using a permissioned blockchain network (110) for settlement, smart contract engine (120) for automated currency conversion and fee computation, and IoT biometric sensor modules (132, 142) for identity verification at agent terminals. The smart contract engine (120) records sending amount, exchange rate, fee structure, and net recipient amount on the distributed ledger (112) before fund transfer, providing immutable pre-transaction disclosure. The IoT biometric sensor modules (132, 142) verify sender and beneficiary identity through fingerprint or iris scan at the originating agent terminal (130) and beneficiary agent terminal (140) respectively. Same-day settlement is achieved through blockchain consensus. Sender mobile application (150) and beneficiary mobile application (160) provide transaction history and real-time status. The invention eliminates correspondent bank intermediaries and hidden currency conversion charges. [
Disclaimer: Curated by HT Syndication.
