Blockchain-based Cross-border E-business Payment Model

Abstract

With the characteristics of decentralization, persistency, anonymity and auditability, blockchain technology is a new tool to solve the product traceability, information security and privacy, payment efficiency and cost reduction in cross-border e-business. This paper summarizes the problems of traditional cross-border e-business payment forms, analyzes the probability of blockchain technology application in cross-border e-business payment field. The research focuses on blockchain-based letter of credit payment under cross-border B2B e-business condition, introducing a blockchain-based payment application framework. Following the framework, this study discusses the hierarchy and functional modules of a blockchain-based cross-border e-business payment platform. This paper proposes three levels chain structure and data classification management to construct an alliance chain with traders, customers, banks and regulators in the cross-border e-business.