Abstract
Cross-border transactions have been more and more popular around the world. However, the current cross-border transactions still have risks and challenges, e.g., differences in regulation policies and unbalanced profits of banks. To address this critical issue, we construct a new framework for the transaction system with the support of blockchain technology. In this paper, we propose a new consortium blockchain system, namely asymmetric consortium blockchain (ACB), to ensure the implementation of cross-border transactions. Different from traditional consortium blockchain, the new blockchain system could support the supernode to regulate all the transactions timely. Furthermore, the new smart contract is designed to lower the opportunity loss for each node and make the profits allocation system fairer. In the end, the numerical experiments were carried out based on the transactions of Shenzhen and Hong Kong. The results show that the proposed ACB system is efficient to make the profit allocation fairer for the participants and keep intelligent for the new cross-border transaction system.
Highlights
With the boom of economic globalization, the cross-border transaction has played an important role in our daily life
The consortium blockchain is an integration of public chain and private chain, which is regarded as the basic framework for Central Banks Digital currency (CBDC)
Each critical node can share its information in real-time via the distributed ledger technology, and each general node should build the connection with the critical nodes as well as submitting data to critical nodes via smart contract technology [34], which derives from Bitcoin and blockchain technology [35]
Summary
With the boom of economic globalization, the cross-border transaction has played an important role in our daily life. Several main issues need to be addressed in this international trading scenario, including currency exchange, government regulation, and transaction safety, etc. There are some emerging third-party transaction tools (e.g., Alipay, Wechatpayment), the main issues such as government regulation and trustable data sharing are still unsolved This traditional cross-border transaction framework is hindering the process of business international and lead to much time wastes [3]. Blockchain technology is an emerging technology, which has the potential to support the new cross-border transaction system [4]. 1. A novel cross-border transaction system is proposed supported by asymmetric consortium blockchain framework. The traditional cross-border financial system should be updated with the support of new information technologies. The blockchain is regarded as a promising way to handle the aforementioned cross-border payment troubles
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
