In this era of globalization, billions of people work abroad and trillions of dollars are transferred around the antiquated global financial system each day. Still heavily reliant on paper, there are many issues with current payment system that cause added expense and delays, as well as make susceptible to crime and fraud. Despite the financial industry’s resistance to change, blockchain and its expected benefits make it worthwhile. Blockchain technology can ensure traceability, transparency, data privacy and prevention of fraudulent in remittance inflow sector. Bangladesh earns a lot of foreign currencies from remittances each year. But our current payment system has many loopholes, resulting in illegal transfer methods such as “Hundi”. Hundi doesn’t contribute to Bangladesh’s foreign exchange market. We proposed a blockchain-based payment model including system & technical architecture, governance, sequence diagram for easy money transfer to Bangladesh. Our business model includes several partners. Competitor analysis, cost & revenue generation is predicted. Risks are mitigated. Prototype is under development.

1. National Blockchain Olympiad 2023
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2. CUET UNANIMOUS
National Blockchain Olympiad 2023
Sabik Aftahee
Tech & Governance
Tajreen Tabassum
Research & Documentation
Tanvirul Islam
Market Analysis
Sakaid Sakir
Tech and Design
Tanzeem Tahmeed Reza
Research & Presentation
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3. Fig. : Personal Remittance received, (% of GDP)
Despite the increase in remittance inflow, the contribution of remittance to GDP has declined overtime,
according to the World bank database. Why so?
Scenario Analysis
03

4. Fig. : Current Payment system
Problem Identification: Current Payment System consists too
many intermediaries
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5. Hundi is a verbal agreement between two parties on
money transfer. It is an illegal practice of sending
remittance home via an agent. No actual transaction
occurs, so Bangladesh can’t earn foreign currency
National Blockchain Olympiad 2023
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Hundi agent Hundi agent
Worker Receiver
Fig: Hundi Process
Why hundi is so popular?
$7.8 billion
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02
03
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In 2021, Bangladesh received $22.1 billion in
remittances, but one-third($7.8 billion) is lost.
It has no proof of transaction and
many people live abroad illegally.
Hundi agents take much less fee than
banks, and people want to get more
money.
Little to no documentation needed
Hundi businesses are well organized
and transfer is faster than banks
Problem Identification: Hundi

6. Bangladesh Bank (bb.org.bd)
Measures taken by Bangladesh Bank
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National Blockchain Olympiad 2023

7. Key Problems
1. Hundi Transfer
Hundi is a verbal agreement between
two parties on money transfer
without any exchange of currency.
So, Bangladesh can’t earn foreign
currency if people choose this illegal
medium.
2. High Cost in Bank
Transfer
With too many
Intermediate banks, the
transaction fee becomes
higher.
4. Lack of transparency
and Control
limited control exists over the
accuracy of information and
supporting documents, with
varying levels of application
across different institutions.
3. Delay
The traditional payment
systems with substantial
duplication of efforts, can
take up to 7 days.
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8. Proposed Solution
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Our logo
We propose a decentralized
Blockchain Platform “B-DESH”
Powering Smart Contract-Based
Remittances, to mitigate hundi.
1. Seamless KYC
2. FX liquidity
capabilities
3. Real Time AML
4. Reduced settlement
time
5. Cost savings
6. Automated
Compliance
7. Fraud Reduction
8. Smart Contracts
Key Offerings
Sender and receiver’s identity is
authenticated by DLT.
Smart contracts the conversion of fiat
currencies with ease.
Regulators gain access to transaction
data in real time and receive targeted
Real-time cross-border payments
minimize time.
With a streamlined participant structure,
cost efficiency ensured.
Regulators have immediate access to the
complete transaction history
Each block contains a timestamp and
holds batches of individual transactions.
A blockchain cannot be hacked.
Blockchains can store any kind of digital
information.

9. Our Prototype
National Blockchain Olympiad 2023
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10. National Blockchain Olympiad 2023
Why Blockchain is used?
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Need for a
shared common
database
This process
enables the
stakeholders(
banks) to
access data
instantly. So,
the process
gets quicker.
Multiple parties
involved
Yes, in current
system steps
are,
• Issuing Bank
• Intermediate
bank
• Receiving or
local bank
Lack of trust
Compared to
conventional
methods, the
blockchain
method is
more secure
Rules of
participants are
uniform
No,
Bangladesh
banned
cryptocurrenc
y. For the risk
of money
laundering.
Need for an
objective
Transaction list
should be
recorded. And
can’t be
changed.
Privacy
No,
permissioned
blockchain is
needed. Data
privacy and
public
security.
Private
blockchain is
needed.
06

11. https://bcc.portal.gov.bd/sites/default/files/files/bcc.portal.gov.bd/p
age/bdb0a706_e674_4a40_a8a8_7cfccf7e9d9b/2020-10-19-15-0
3-391a6d9d1eb062836b440256cee34935.pdf
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Identifies Remittance as one of the potential sectors of
Bangladesh where blockchain technology can play a
crucial role.

12. National Blockchain Olympiad 2023
Transaction Fee: charge 1-2% of
the transaction amount as a fee
(depends on various factors such
as transaction volume, target
market, and competitive analysis.)
Makes profit after three years
development
We need capital for our web
app “B_DESH” development
and starting the system. It is in
initial stage. A demo video of
our prototype is submitted.
Our percentage
Total Investment Needed
BDT 70,00000 Negotiable
Our Pitch
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13. National Blockchain Olympiad 2023
User Journey
Existing Way
Customer
Onboard
Know Your
Customer(KYC)
Costing and
Timing
Error
correction
Facility
Process
Service
Authentication
Compliance
Manual information
collection
Inefficient Control
over customers
Expensive &
time-consuming
High rate of
rejections
Manual & inefficient
processing
Limited control &
management
Multiple data sources
& channels
Full automated
verification
Seamless KYC, data
stored in DLT
Automated and
optimized
Effective error
handling &
anti-money
laundering measures
Untampered and
immutable
Efficient verification
& authentication on
both sides
Full control over
transaction histories
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14. National Blockchain Olympiad 2023
Market
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$50bn
500+
2/3
20bn
2bn
40%
30%
$50m $5.6bn
Is invested each year
in FinTech
Of financial
transactions are made
online
Of existing bank roles will
be disrupted by machine
learning
New FinTechs are
created each year
Smart things may become
the next banking
customers
Increase in operating
profits could be gained by
banks
Unbanked people
could be addressed
through mobile
Is sufficient to create a
new digital bank
Was raised by blockchain
startups through ICOs in
2017
Source : ATOS – LookOut Industry Trends Banking

15. National Blockchain Olympiad 2023
Market
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Starting from financial advisory, domestic and international online trading platforms to using technology to
improve regulation in stock exchanges, the potential for Fintech in Bangladesh is massive.
Source : UNCDF Page

16. Fig: No. and volume of BRAC bank remittance transactions, by receiving method(in percentage)
National Blockchain Olympiad 2023
Market
44%
Remittance
transactions were by
mobile wallet in 2022
21%
Of total remittance
transaction value was
by mobile wallet in
2022
Source : UNCDF Page
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17. National Blockchain Olympiad 2023
Key Strategic Partners and Purposes
Procurement
Agencies
General
Citizens
External
Auditors,
Evaluation
Committee
Development
Partners, O&M
Partners
Budget & Execution:
Budgeting and Executing
plans & operations
Auditing & Approval:
Audit & evaluate fund
distribution, maintain
transparency on
transactions
Transparency:
Adoption, communication,
transaction &
transparency
Implementation:
Strategic & Marketing
Operations and its
implementations
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18. National Blockchain Olympiad 2023
Key Strategic Partners and Purposes
STRATEGIC TECHNICAL GROWTH
National Data Security
Council, Bangladesh
Bank, BRAC
Businesses and
Marketplaces
1. Strategic partner for blockchain
remittance compliance and
awareness.
2. Enforcing digital security
standards for consent and privacy.
3. Monitoring and acting against
data mishandling and frauds.
1. Technical support for blockchain
remittance implementation.
2. Enhancing remittance market
transparency.
3. Mitigating data theft with
technical assistance.
1. Offering special offers or
discounts per transaction.
2. Running ads among mass
people for engagement
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19. National Blockchain Olympiad 2023
Competition
Market:
Remittance Sector,
Import & Export
Sector
Technology Approach Business Model
Removal of
intermediate
boundaries,
reduced cost
Blockchain Based Small First, then
scale up
B2B
Not a significant
interest (banks,
fintech firms)
Non - Blockchain
Based
Universal
Solutions(FinTech
Firms)
B2C
Other
competitors
There is no threat of direct competitions since B-DESH would be a government owned solutions, but foreign
country’s bank collaboration might be difficult.
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20. National Blockchain Olympiad 2023
Risk Analysis
Implementation
Risk
Technical Risk
Operational Risk
Source Details Contingency Plan
1. Digital Records
2. Intermediate
corrupted officials
3. Political Pressure
Operating System
errors
Not definite that
people will stop using
hundi
For lack of awareness
and protests from
intermediaries
The government officials will
have digital authorization
capacity which can be
misused, which may cause bad
reputation
No tracking of people
earning money overseas and
the lifestyle of their
relatives.
Ensuring the transparency
while digitizing the record
1. Training for existing
government officials.
2. Establishing
biometric(fingerprint)
signature identification system
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Ensuring that the foreign banks or
entities adopt the technology as
same as Bangladesh for smooth
transactions

21. National Blockchain Olympiad 2023
System Architecture
1. Trust between sender and bank 2. Smart contract 3. Liquidity Providers 4. Monitoring transactions
5. Cuts out transaction fees 6. Automatic deposition of funds 7. Comprehensive transaction history recorded
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22. Sequence Diagram
User Bank Regulatory node Private IPFS Blockchain
1. Payment
2. Check hash of documents
3. Application for transaction with user data and hash
5. Verification Succeeded
8. Transaction
6. Involve verification information
7. Return verified message
9. Hash of transaction
4. Check
document
4a. Fake documents
4b. Return fail
message
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National Blockchain Olympiad 2023

23. National Blockchain Olympiad 2023
Governance
Full nodes hold the entire
blockchain, acting as super nodes
in private IPFS.
Light nodes, acting as regulators,
have limited access to view
information.
Super nodes write data with
authority, while regulators only
read for monitoring and auditing.
DeFI Platforms offer automated
alternatives to traditional
intermediaries like MTOs.
Governments set rules, the public
and entities are consumers.
Straightforward contracts maintain
business contacts and ensure
system integrity. Banks verify KYC
and serve as mediaries for
biometric authentication.
Full nodes: legitimate banks.
Light nodes (regulators):
non-member banks, fintech firms,
merchants, government bodies,
etc.
In Hyperledger Fabric
PBFT-variant consensus, full
nodes are connected through a
mesh network. Endorsers engage
in sequential consensus,
validating and ordering
transactions for consistency and
correctness.
Technology Infrastructure Business Network Network Membership
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24. National Blockchain Olympiad 2023
Basic Workflow
Blockchain Framework
Database Component
Consensus Mechanism
System Protocol
Practical Byzantine Fault
Tolerance (PBFT)
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25. National Blockchain Olympiad 2023
Financial Projections
Cost segments
Revenue Source
Transaction Fee
B-DESH will earn 2% of the
commission earned by exchange rate
Documentation
Blockchain based documentation is
hassle free and will cost the consumer
Advertising Revenue
Once, we have a customer base, we
can run ads on our app/website
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26. National Blockchain Olympiad 2023
Financial Projections
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27. Financial Projections
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28. National Blockchain Olympiad 2023
Distribution
1. Development Phase 2. Growth Phase 3. Maturity Phase
1
2
3
4
5
6
7
Alliance with
government
and Mobile
services
Extensive
research &
development
Selective
Distribution
Market
Penetration
Service
Extension
Target highest
contributing
countries
Extend
service
Fund Management & Collaboration
Year 1 Year 2 to 3 Year 4-continue
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29. BUSINESS MODEL CANVAS: B-DESH
Strategic Partner:
▪ National Data Security
Council,
▪ Bangladesh Bank,
▪ BRAC
Technical Partner:
ICT Division Bangladesh
Growth Partner:
Businesses and
marketplaces
▪ Real-time cross-border
payment Records
▪ Smart contracts
▪ Biometric registration
▪ Seamless KYC (Sender's
identification and
Recipient verification)
▪ Automated Compliance
▪ Reducing transaction
fee
▪ Removing
Intermediates
▪ Easy paperwork
▪ Mitigating
fraudulent activity
▪ Fast transfer
▪ Better trust and
transparency
• Real time monitoring
• Virtual meeting
• Social Media
Communications
• Website
• SMS
Blockchain-based
system
Online promotion
• Social Media Marketing
• Email Marketing
• Website
Offline permission
Government’s International
labor migration proceedings
• Sender who is a Foreign
worker
• Recipient in Bangladesh
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BDT 2 Lakh for system betterment
BDT 1 Crore for App Launch
BDT 5 Crore (Year 1-5)
KEY PARTNERS KEY ACTIVITIES CUSTOMER RELATIONSHIPS
CHANNEL
CUSTOMER SEGMENTS
KEY RESOURCES
COST STRUCTURE REVENUE STREAM
VALUE PROPOSITIONS
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30. National Blockchain Olympiad 2023
Economic Impact & Feasibility
Economic Value
Feasibility
Cost efficiency: No intermediaries mean lower
transaction fees, benefiting senders and
recipients.
Faster Transactions: Blockchain enables faster
cross-border remittance transactions.
Financial Inclusion: Blockchain-enabled
remittance system promotes financial inclusion
and boosts remittance flow.
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Sustainability
Proven Technology: Blockchain's successful track
record in various industries makes it a reliable
option for remittance transactions.
Growing Interest: Increasing interest and expertise
in blockchain technology ensure a pool of skilled
professionals for effective implementation.
Reduced Complexity: Eliminating intermediaries
streamlines the process, reducing costs and
complexity for users.
https://www.undp.org/sustainable-development-goals/no-poverty?gclid=Cj0KCQjwk96lBhDHARIsAE
KO4xasNI9vUJrXls1f80TKTyKu07U7o-pY7xiVQODpgmDqpdkYzSvg0qoaAmuvEALw_wcB

31. Thank you
National Blockchain Olympiad 2023