The Innovative Path of Digital Economy Business Models Based on Blockchain Technology: Taking Cross-border Payment as an Example

Abstract

In recent years, with the continuous development of digital technology, new business models of the digital economy have emerged. Cross-border payment relying on blockchain technology has also become a major project under this business model, which promotes global trade and capital flows and effectively solves the problems of high cost, low efficiency and low trust existing in the traditional model. This report explores the characteristics of blockchain technology, such as distributed ledger, asymmetric encryption and identity security, and smart contract. Based on these characteristics, it is analyzed that cross-border payment based on blockchain technology has the advantages of low cost, high efficiency, high transparency and high user trust. And it was found that the innovative path of this new business model can be divided into two aspects: value innovation and profit model innovation. Create value by leveraging digital features rather than relying on traditional manual models. In addition, this report also points out that this innovative path will face challenges such as a shortage of professional and technical personnel, cybersecurity, different standards in various countries, and a lack of relevant markets. In this regard, relevant institutions should implement regular maintenance of the technology and regulatory coordination among countries. The government can increase its investment in the talent market to strengthen basic technical support and consumer trust.