Research On The Application Of Cross-border Payment Based On Blockchain

In recent years,Blockchain has attracted unprecedented attention worldwide,especially in the financial field.It is one of the iconic technologies in the transition from Internet finance to Fintech.Now,world-renowned financial institutions and technology giants have begun to study Blockchain and its application scenarios,trying to explore new business models in all walks of life.At the same time,with the increasing scale of cross-border payment,the traditional cross-border payment mode represented by SWIFT has many defects and is in urgent need of technological breakthrough.However,the Blockchain has a natural match with cross-border payment,which can solve the current problem.But,the Blockchain is still in the initial stage in the field of cross-border payment.Depending on the deep integration of the Blockchain and its scene,the cross-border payment of the block chain has also derived a variety of models,but the ground also has many problems in the real scene,need further research.This paper mainly studies the application of cross-border payment based on Blockchain.Firstly,the basic principle and characteristics of Blockchain are analyzed from the perspective of the underlying architecture,and then the economic problems involved are discussed from the two aspects of technology and application.It is found that there is The Impossible Trinity similar to traditional economics in technical problems,while the application problems are focused on cryptocurrency.Secondly,taking Ripple,a benchmark enterprise in Blockchain cross-border payment,as an example,this paper specifically discusses how the Blockchain technology is applied in the cross-border payment field,deeply analyzes the uniqueness of the operation mode of Ripple cross-border payment,and adopts the business model canvas theory to explore the differences with other mainstream cross-border Blockchain payment.Through case comparison,it is found that when making cross-border payment with Blockchain,foreign enterprises tend to issue cryptocurrency with anchor fiat currency circulating on their own platforms.Moreover,most of them,whether they are traditional financial institutions,Fintech companies or social giants,adopt semi-decentralized Consortium Blockchain.In view of this,this paper attempts todemonstrate the feasibility of Consortium Blockchain by using spatial analysis in theory,so as to solve The Impossible Trinity on Blockchain.Finally,tries to discuss the feasibility of stabilizing currency from the perspective of monetary finance.It summarizes the innovation effect brought by cross-border payment of Blockchain and the current constraints,and puts forward development countermeasures for cross-border payment of Blockchain in China.At present,the development of Blockchain applications is faster than the academic research on them,and this paper puts forward relevant findings after summarizing and analyzing the latest data and applications.Firstly,after sorting out the Ripple Blockchain cross-border payment scheme,this paper classifies two representative Blockchain operation modes,which are of certain reference value to other Blockchain enterprises.Secondly,most cross-border Blockchain payment focuses on vertical comparison of traditional cross-border payment,while this paper adds the current mainstream cross-border payment of Blockchain from different types of enterprises for horizontal comparison.This paper analyzes the cross-border payment scheme of Blockchain and cryptocurrency from the perspective of business value,and finds the mainstream choice of the two future Blockchain commercial applications—Consortium Blockchain and stablecoins.