Discussion on the Innovative Application Mode of Cross-border Payment in China
Using Blockchain Technology as A Concept
DOI:
https://doi.org/10.54097/fbem.v8i3.7454Keywords:
SWIFT Model, Blockchain technology, Cross-border payment, RIPPLE model.Abstract
Cross-border payment has built a bridge for trade and financial circulation among countries. Traditional cross-border payment methods have problems of low efficiency, high cost and poor security. Blockchain technology has the characteristics of decentralization, tamperability, security and credibility. The Ripple model built on the basis of blockchain technology can better solve the problems of traditional models. However, there are also some technical, legal and financial risks in cross-border payment under the new model. In order to promote the development of cross-border payment based on blockchain technology, we should strengthen the research on blockchain technology and improve the blockchain industry standards and supervision regulations.
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