Blockchain in Finance: Enhancing Transparency and Security in Cross-Border Transactions

Abstract

Blockchain technology transforms banking by solving issues in international money transfers. The decentralized blockchain system prevents tampering and removes intermediaries to speed up transactions and lower costs while protecting data integrity. Our investigation focuses on how blockchain prevents financial fraud while allowing users to see transaction data in real-time and making international financial systems work better. This research analyzes how blockchain works in financial transactions and shows its effects on payment times, cost savings, and protection against fraud through data studies. Despite demonstrating powerful disruption blockchain struggles with processing delays and lacks defined standards while integrating technology proves challenging. This research explores why organizations find it difficult to use blockchain technology and suggests methods that can help to use blockchain effectively in daily operations. This research examines how blockchain technology affects global finance operations and shows its benefits for international payments while explaining its potential to transform worldwide financial systems.