Permission-based blockchain consortium network (PBCN) uses for cross-border payment

• Main Authors: Islam, Md. Rafiqul, Rashid, Muhammad Mahbubur
• Format: Proceeding Paper
• Language: English; English
• Published: IEEE 2023
• Subjects: TJ170 Mechanics applied to machinery. Dynamics
• 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
• Institution: Universiti Islam Antarabangsa Malaysia

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.