A Case Study Of Block Chain Technology In Cross-border Payment

From the controversy of Bitcoin as a digital currency to the popularity of its underlying block chain technology,it has experienced a short period of 10 years.Because of its characteristics of decentralization,non-tampering,high efficiency and fast,block chain technology can greatly reduce the cost of trust acquisition and data processing in financial transactions.It achieves data flow and price through delicate structure design.The integration of value and current account has subverted the traditional financial operation mode and made it have broad application prospects in the field of payment and settlement.This paper introduces the research of blockchain technology in domestic and foreign literatures,and introduces the development process of payment and liquidation,which explains the current status and disadvantages of inter-bank cross-border payment,such as inefficiency,relatively high cost,and information security.Risks,transaction records are easily falsified,not easy to be traced and regulated,and these challenges and existing problems are analyzed.It is proposed that new technology reforms need to be introduced in the payment settlement system to improve payment efficiency and security.This technology is blockchain technology.This paper introduces the core technology of blockchain,including distributed ledger architecture,encryption algorithm,consensus mechanism,etc.,for the difference between blockchain payment and traditional cross-border payment,and then focuses on the Ripple cross-border payment platform.The actual case analysis analyzes the entire transaction payment process,summarizes the advantages and solutions of the application in the field of cross-border payment,and has practical significance for the application of blockchain technology in the payment field.Finally,it analyzes some risks still existing in the application of blockchain in cross-border payment settlement business,and puts forward some countermeasures and suggestions.It has certain reference for researching and promoting the application of blockchain technology in the field of cross-border payment.significance.