The Application Of Blockchain And Smart Contracts In Cross-border Payments

Blockchain technology independent of bitcoin has drawn wide attention in recent years,more and more commercial institutions are making research and discussion.As there are some disadvantages such as high cost,time-consuming,inefficiency in cross-border payment industry.The application of blockchain in the field of cross-border payment has become an important research direction,for example,FACEBOOK released its blockchain-based digital currency solution in 2019,which greatly helps solve various problems in cross-border payments.At the same time,commercial banks have also stepped up their exploration of this area.Research on blockchain and cross-border payments will not only help solve existing problems in the cross-border payment field,but also facilitate the exploration of new models of the digital economy and strive for more discourse power in the digital economy world.This paper mainly combines the application scenarios of cross-border payment and blockchain technology to give detailed research explanations.After in-depth analysis of current cross-border payment issues,combined with the technical characteristics of blockchain to illustrate the advantages and feasibility of blockchain technology in cross-border payments field.Specific research in the area of blockchain technology and cross-border payments will help to solve the problem.After an in-depth analysis of the combination of blockchain technology and cross-border payment,combined with the specific needs of the cross-border payment process,a new model of cross-border payment based on blockchain is proposed,and its specific composition is expounded.The thesis also provided the original code implementation of smart contracts,which provides an empirical reference.Finally,the operation of the model is explained in the actual case and compared with the traditional cross-border payment.The new model is different from the traditional centralized cross-border payment model.The implementation based on blockchain technology brings many advantages to the cross-border payment field,which brings great improvement on security,efficiency,cost and KYC.The thesis adopts standard research methods such as literature research method,qualitative research method,empirical research method and comparative research method.Literature research is mainly through the collection and classification of literature,in-depth analysis and research of literature,and in-depth understanding of the current cross-border payment industry issues and the characteristics of blockchain technology,making research topics more in-depth.The qualitative research method mainly starts from the current problems in the field of cross-border payment,analyzes the causes of the problems in depth,and proposes a new idea to solve the problems according to the technical characteristics of the blockchain.The empirical research rule gives practical application analysis based on the proposed new model of cross-border payment,combined with the actual blockchain technology system and smart contract code.The comparative research rule uses a comparative analysis of the traditional cross-border payment model and the cross-border payment model based on the blockchain,highlighting the advantages brought by the blockchain.