Analysis On The Application Of Block Chain Technology In Cross-border Payment

Blockchain technology is a new type of Shared ledger network system that covers distributed consensus mechanism,decentralization,encryption algorithm,intelligent contract,open security and other features.The birth and development of blockchain technology is an inevitable outcome of the rapid development of the Internet,artificial intelligence,big data analysis and other technologies in human society to a certain extent.Its birth and development can be explained by economic theory,which conforms to the general law of the development of market economy,and is also the sufficient condition and trend feature of the development of human market economy approaching its most original state.Current developments in the field of cross-border payment demand urgently,the order of magnitude of the trade market is huge,but the traditional cross-border payment methods such as SWIFT,T/T,L/C,etc.,facing centralized dependence degree is high,high cost,,it is necessary to improve the efficiency of the process and complex,and a series of bottleneck problem,and the distributed structure of the block chain technology and low cost establishment trust mechanism based on mathematical algorithm to solve in the field of cross-border transactions and optimization provides a new way of thinking and the solution,this paper reveals the financial transactions of block chain technology operation principle and features of nature,It proves that the application of blockchain technology can precisely optimize and upgrade the bottleneck problems in the above traditional cross-border payment.Ripple,based on blockchain technology,has advanced practices in the field of cross-border payment.It can be clear that blockchain has unique advantages in the field of cross-border payment improvement,and it will start from changing the underlying infrastructure of the current payment structure to form a new era of blockchain point-to-point payment system 3.0.Block chain technology as can reshape the trust mechanism of the underlying technology,and Rayleigh waves and the difference between traditional block chain technology,it breaks the traditional rely on traditional again at the same time,provide more effective service for cross-border payment application,is likely to redefine and planning for human social value information transfer mode,profound changes and influence the future development prospect in the field of financial payment.There is no perfect technology in the world,and seemingly revolutionary technology still has its inevitable risk problem.The application of "blockchain + cross-border payment" has certain disadvantages and threats both internally and externally.From the internal point of view,the application in the budding stage of technology has problems such as nativeerror,self-performance,information security and resource waste.From the external perspective,there are challenges of balance mechanism,reshaping of industry standards and market regulation laws and regulations,and imbalance between supply and demand of professional talents.As far as China is concerned,compared with the international market,the development and technical research of China's blockchain industry are slightly lagging behind.Our country should draw lessons from and study abroad for block chain regulation legal system of trade payment and settlement system,set up industry standards,deepening the research on block chain innovation and expand its application scenarios,through social institutions joint,promote mutual accommodation,intensify cooperation for research,joint cultivate interdisciplinary talents integrating technology financial economy,for cross-border payments to find the right path block chain technology application development.The application of blockchain technology in cross-border payment is a gradual evolution rather than a revolution.Along with the development of social trade and economy and the extension of people's cognitive boundary,it still needs a certain stage of exploration and acceptance process.In the future,the application prospect of blockchain technology in cross-border payment can be expected.