Blockchain technology development and use case business applications

• Main Author: Yap, Xavier Qi Xuan
• Other Authors: Mohammed Yakoob Siyal
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2023
• Subjects: Engineering::Electrical and electronic engineering
• Online Access: https://hdl.handle.net/10356/167675
• Institution: Nanyang Technological University

Cross-border payments could be revolutionized by blockchain technology due to its rapid, safe, and transparent transaction processing. Blockchain-based solutions enable the development of decentralized networks that can enable peer-to-peer transactions without the use of intermediaries like banks. Blockchain technology has the potential to lower cross-border payment costs and enable rapid settlement, doing away with time-consuming processes and exorbitant fees. Additionally, blockchain technology provides improved security features including the use of digital signatures and encryption, which can help prevent fraud and guarantee the accuracy of transactions. The potential advantages of blockchain technology for cross-border payments make it an attractive field for continued investigation and development, even though there are still issues to be solved. Thus, this project aims to utilize the advantage of blockchain technology to improve cross border payments.