Cross-Border Payment Based on Blockchain Technology and Digital Currency

Research Article
Open access

Cross-Border Payment Based on Blockchain Technology and Digital Currency

Chengjie Li 1*
  • 1 Jiangsu Normal University    
  • *corresponding author 3020203757@jsnu.edu.cn
Published on 1 August 2023 | https://doi.org/10.54254/2755-2721/8/20230175
ACE Vol.8
ISSN (Print): 2755-273X
ISSN (Online): 2755-2721
ISBN (Print): 978-1-915371-63-8
ISBN (Online): 978-1-915371-64-5

Abstract

With the rapid development of financial globalization and currency globalization, trade exchanges between various countries are increasing, and the demand for cross-border payment in multiple countries is increasing, which leads to a series of issues related to cross-border payment, such as payment efficiency, payment cost, and payment success rate, etc. Therefore, blockchain technology is introduced, a decentralized, non-tamperable, and traceable distributed accounting technology. Based on improving the current cross-border payment system, this paper studies the use of blockchain technology to solve related problems in the traditional cross-border payment model in legal digital currency (Central Bank Digital Currency) and currency digitization (fund lending). Through the reading of many documents and the search for information, the application of blockchain technology combined with digital currency has broad development prospects, which will completely improve the existing payment model and achieve a more efficient and safer transaction environment. However, the current development of this technology is still in its infancy, and no country or region has yet achieved large-scale operation of this technology. The technology still needs to be improved in terms of practice, unified consensus algorithm, and legal supervision.

Keywords:

cross-border payment, blockchain, digital currency, central bank digital currency

Li,C. (2023). Cross-Border Payment Based on Blockchain Technology and Digital Currency. Applied and Computational Engineering,8,752-760.
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References

[1]. Auer, Raphael, Philipp Haene, and Henry Holden. "Multi-CBDC arrangements and the future of cross-border payments." BIS Papers (2021).

[2]. Beijing Business Daily. China Payment and Clearing Association, in 2021, a total of 43 payment institutions will carry out cross-border payment business, processing 7.191 billion transactions. June 15, 2022. Retrieved on March 7, 2023.

[3]. BIS. BIS Innovation Hub work on central bank digital currency (CBDC). February 3, 2021. Retrieved on March 7, 2023.

[4]. International Monetary Fund. understanding crypto assets. September, 2022. Menon

[5]. Peking University Digital Finance Research Center. International Monetary Fund Ho Tung: The digitization of cross-border payments. December 3, 2020. Retrieved on March 8, 2023.

[6]. Zhang, Li, et al. "The challenges and countermeasures of blockchain in finance and economics." Systems Research and Behavioral Science 37.4 (2020): 691-698.

[7]. Hashemi Joo, M., Nishikawa, Y. and Dandapani, K., "Cryptocurrency, a successful application of blockchain technology", Managerial Finance, Vol. 46 No. 6, pp. 715-733(2020)

[8]. Guo, Y., Liang, C. Blockchain application and outlook in the banking industry. Financ Innov 2, 24 (2016).

[9]. EWTO research institute. The application and challenges of blockchain technology in the field of cross-border payment. December 21, 2022. Retrieved on March 8, 2023.

[10]. Deng Q. Application analysis on blockchain technology in cross-border payment[C]//5th International Conference on Financial Innovation and Economic Development. Atlantis Press,287-295(2020)

[11]. Zhang, T. Huang, ZJ. Blockchain and central bank digital currency, ICT Express, ISSN 2405-9595, Volume 8, Issue 2, Pages 264-270(2022)

Cite this article

Li,C. (2023). Cross-Border Payment Based on Blockchain Technology and Digital Currency. Applied and Computational Engineering,8,752-760.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2023 International Conference on Software Engineering and Machine Learning

ISBN：978-1-915371-63-8(Print) / 978-1-915371-64-5(Online)
Editor：Anil Fernando, Marwan Omar
Conference website: http://www.confseml.org
Conference date: 19 April 2023
Series: Applied and Computational Engineering
Volume number: Vol.8
ISSN：2755-2721(Print) / 2755-273X(Online)

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References

[1]. Auer, Raphael, Philipp Haene, and Henry Holden. "Multi-CBDC arrangements and the future of cross-border payments." BIS Papers (2021).

[2]. Beijing Business Daily. China Payment and Clearing Association, in 2021, a total of 43 payment institutions will carry out cross-border payment business, processing 7.191 billion transactions. June 15, 2022. Retrieved on March 7, 2023.

[3]. BIS. BIS Innovation Hub work on central bank digital currency (CBDC). February 3, 2021. Retrieved on March 7, 2023.

[4]. International Monetary Fund. understanding crypto assets. September, 2022. Menon

[5]. Peking University Digital Finance Research Center. International Monetary Fund Ho Tung: The digitization of cross-border payments. December 3, 2020. Retrieved on March 8, 2023.

[6]. Zhang, Li, et al. "The challenges and countermeasures of blockchain in finance and economics." Systems Research and Behavioral Science 37.4 (2020): 691-698.

[7]. Hashemi Joo, M., Nishikawa, Y. and Dandapani, K., "Cryptocurrency, a successful application of blockchain technology", Managerial Finance, Vol. 46 No. 6, pp. 715-733(2020)

[8]. Guo, Y., Liang, C. Blockchain application and outlook in the banking industry. Financ Innov 2, 24 (2016).

[9]. EWTO research institute. The application and challenges of blockchain technology in the field of cross-border payment. December 21, 2022. Retrieved on March 8, 2023.

[10]. Deng Q. Application analysis on blockchain technology in cross-border payment[C]//5th International Conference on Financial Innovation and Economic Development. Atlantis Press,287-295(2020)

[11]. Zhang, T. Huang, ZJ. Blockchain and central bank digital currency, ICT Express, ISSN 2405-9595, Volume 8, Issue 2, Pages 264-270(2022)

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