REVIEW: CROSS-BORDER PAYMENT SYSTEM USING BLOCKCHAIN AND SMART CONTRACT

Abstract

In an era of global commerce and digital interconnectedness, the inefficiencies and complexities of cross-border payment systems have become a significant hindrance to seamless international transactions.This project explores the transformative potential of blockchain technology, specifically focusing on the utilization of smart contracts, Solidity programming language, and the Ethereum platform, to revolutionize cross-border payments.This research delves into the core concepts of decentralized transactions, shedding light on how blockchain technology can disintermediate traditional financial intermediaries, mitigate transactional inefficiencies, and enhance the transparency, security, and trust in cross-border financial transactions.The utilization of smart contracts as self-executing, tamper-proof digital agreements offers a novel approach to automate and streamline cross-border payments, reducing the risk of fraud and errors while eliminating the need for intermediaries.By evaluating the benefits and challenges of decentralized transactions, this offers insights into the potential for latest technologies to disrupt the status quo of international payments and foster financial inclusion on a global scale.