A Study on the Challenges and Opportunities of Blockchain Technology Application in Cross-border Payment

Abstract

Compared with the traditional foreign trade model, cross-border e-commerce businesses using blockchain technology brings a broader development space for foreign trade. With the booming development of cross-border e-commerce in China, issues such as cross-border payment, cross-border logistics, and product quality have also received attention. The smooth development of cross-border business is inseparable from the efficient development of cross-border payment and cross-border logistics. In terms of traditional cross-border payment methods, payment requires the participation of third-party institutions such as international cooperation organizations, takes a long time, and is costly. The use of blockchain technology's decentralization, information immutability, and openness solves exactly these problems, thus making cross-border payments an efficient and convenient development model that reduces costs, is open and transparent , and can trace the origin of products. This paper analyses the challenges and opportunities of blockchain technology in the field of cross-border payments in the light of the characteristics of blockchain technology, and puts forward effective countermeasures and suggestions.