Permission-based blockchain consortium network (PBCN) uses for cross-border payment
The introduction of a permission-based blockchain consortium network for cross-border payment systems has completely changed how businesses run and made it possible for trade and commerce to take place on a worldwide scale. However, most of the current cross-border payment systems are only oper...
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| Main Authors: | , |
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| Format: | Proceeding Paper |
| Language: | English English |
| Published: |
IEEE
2023
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/107061/1/107061_Permission-based%20blockchain%20consortium%20network.pdf http://irep.iium.edu.my/107061/7/107061_Permission-based%20blockchain%20consortium%20network_Scopus.pdf http://irep.iium.edu.my/107061/ https://ieeexplore.ieee.org/document/10249489 |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English English |
| Summary: | The introduction of a permission-based blockchain
consortium network for cross-border payment systems has
completely changed how businesses run and made it possible
for trade and commerce to take place on a worldwide scale.
However, most of the current cross-border payment systems
are only operational in pilot mode, which presents several
difficulties such as high transaction fees and a drawn-out
settlement procedure, as well as another crucial issue called
trust in the payment gateway system. Blockchain technology
has arisen in recent years as a potential answer to these
problems, including quicker transaction speeds, cheaper
transaction costs, and better security. In this study, a unique
database storage management system and transaction
processing mechanism have been used to propose a novel
permission-based consortium blockchain network for cross-border payment systems, particularly for banking and finance. |
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