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Blockchain: A Study of New Era for Cross Border Payments

Author(s) Balaji Ethirajulu
Country United States
Abstract The finance sector recognizes blockchain technology as a foundational force that brings revolutionary payment solutions across borders. This study examines blockchain's potential to revolutionize international payments through enhanced security benefits and quicker processing times while reducing operational expenses simultaneously. The study focuses on current systems alongside their operational challenges and Blockchain's unique solutions to these problems. Financial institutions maintain transparency and fight fraud while they strengthen compliance measures by using Blockchain's decentralized and permanent ledger system. Consensus models like Proof of Work and Proof of Stake improve transaction security and dependability thereby establishing Blockchain as a revolutionary force in global finance. This study examines several key subjects such as blockchain technology as well as cross-border payment solutions financial technology innovations international transaction systems and digital ledgers.
Keywords Blockchain Technology, Cross-Border Payments, International Payments, Distributed Ledger Technology (DLT), Cryptocurrency, Financial Technology (FinTech), Digital Ledger, Peer-to-Peer (P2P) Transactions, Smart Contracts, Consensus Mechanisms (PoW, PoS)
Field Engineering
Published In Volume 6, Issue 2, February 2025
Published On 2025-02-06
Cite This Blockchain: A Study of New Era for Cross Border Payments - Balaji Ethirajulu - IJLRP Volume 6, Issue 2, February 2025. DOI 10.5281/zenodo.14982464
DOI https://doi.org/10.5281/zenodo.14982464
Short DOI https://doi.org/g86877
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