Research on the Virtual Currency Payment System Based on Blockchain Technology

Abstract

As a focus in the field of financial innovation, blockchain technology is essentially a distributed ledger database, and it is open and transparent, decentralized and immutable in practical application. In the steady development of financial technology, blockchain technology, as a basic content, has attracted the attention of researchers and scholars, and from this, the payment system of virtual currency has been constructed. This greatly facilitates people’s daily life. Therefore, based on the understanding of the definition of blockchain technology and the influence of the content of this technology on the payment system, this paper deeply discusses the convenient payment system and its operation mode with blockchain technology as the core, and finally conducts verification analysis under the new cross-border payment mode. The results show that the virtual currency payment system based on blockchain technology is feasible and effective in practice. Especially in the social economy with the acceleration of network technological innovation, increasingly frequent international exchanges and constantly improved trade modes, the application of block chain technology contribute to the economic development of our country and gradually integrate into the international market, but from the point of view of the whole system security and technical performance, there are still many problems.