Year: 2025
Type: article
Abstract: Cross-border payments face persistent challenges in today's global economy, characterized by high costs, lengthy processing times, and operational inefficiencies within traditional correspondent banking models. The emergence of blockchain technology offers a transformative solution to these long-standing issues through its distributed ledger architecture, smart contracts, and innovative consensus mechanisms. By eliminating intermediaries and automating processes, blockchain implementation in cross-border payments demonstrates the potential to revolutionize international money transfers by reducing transaction times, lowering costs, and enhancing transparency. The technology's inherent features address critical pain points in current systems while providing robust security measures and improved auditability, particularly benefiting developing economies and regions with limited banking infrastructure.
Author: Ram Mohan Reddy Pothula
Institution: Jawaharlal Nehru Technological University, Hyderabad
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W4409826459