Blockchain-Based Research on the Payment Settlement Mode in Cross-Border Business Trade

PROJECT TITLE :

Research on Payment Settlement Mode in Cross-Border Business Trade Based on Blockchain Technology

ABSTRACT:

Commerce across borders is an essential component of economic growth, and the manner in which it is transacted, including payment and settlement, has garnered a lot of attention recently. The conventional method of resolving payment differences has a number of drawbacks, including low efficiency, high costs, and inadequate security; as a result, it needs to be improved. In light of these considerations, the purpose of this paper was to investigate a payment settlement model utilizing Blockchain technology. This article began by providing an overview of Blockchain technology, then proceeded to examine its characteristics and composition as well as the potential applications of Blockchain technology in international business transactions, and finally concluded with a case study using the Ripple payment settlement mode as an example. According to the findings of the study, the Ripple mode had low costs in terms of both time and capital, high levels of transaction transparency and security, and processes that were both simple and convenient. The findings of the analysis validate the legitimacy of the Blockchain-based payment settlement mode and demonstrate its viability for use in actual transactions.

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