Cross-Border Payment Based on Blockchain Technology and Digital Currency

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.