The aim of the project is to use blockchain technology to develop a virtual credit card, which only allows transactions at particular stores or for particular items. A blockchain is a distributed ledger technology stores an immutable list of records which are linked and
secured using cryptography. This virtual credit card system could be employed by an entity such as Studylink to fund a student's education in a controlled manner; as the student would only be able to purchase approved items, Studylink can be sure that their money is being spent as intended, rather than being used as a general loan. This virtual credit card system would mean that the money would not pass through the student's bank account - instead, it would go directly from Studylink to the store. This credit card would leverage blockchain technology to allow for multiple providers. This means that a parent or another third-party could also add an allowance to the card, and know that it will be spent as intended. This project will also investigate the applicability of blockchain
techniques in controlling the monetary flow e.g. on-chain and off-chain transactions, wallet control, use of tokens, and smart contracts. The project will also research a centralised (non-blockchain) solution. This will be compared to the decentralised solution.
Lab allocations have not been finalised