ENHANCING GLOBAL FINANCE: A BLOCKCHAIN-BASED SOLUTION FOR EFFICIENT AND COST-EFFECTIVE CROSS-BORDER PAYMENTS

Abstract

This study explores the transformative potential of blockchain technology in revolutionizing cross-border payment systems. Traditional methods are hindered by inefficiencies such as high transaction fees, prolonged processing times, and opaque operations, which impede seamless global financial interactions. Blockchain, with its decentralized and immutable ledger, offers a secure and transparent alternative that can significantly streamline payment processes. This paper examines how blockchain can facilitate real-time settlements, eliminate intermediaries, and enhance data integrity, thereby reducing costs and improving efficiency. Further, it addresses the practical applications and regulatory challenges associated with integrating blockchain into existing payment infrastructures. Ultimately, this research aims to provide actionable insights for developing a more efficient, transparent, and cost-effective cross-border payment ecosystem.