The Next Frontier: Blockchain Technology in Cross-Border Payments

Blockchain technology offers a decentralized, transparent, and secure solution to the challenges of cross-border payments. The implementation of blockchain technology in cross-border payment systems, including initiatives by financial institutions, fintech startups, and central banks. It begins by elucidating the current challenges faced by traditional payment systems, highlighting the need for innovation. It streamlines processes, reduces costs, enhances financial inclusivity, and ensures transparency and trust. The proposed system consists of several elements, such as digital wallets, blockchain nodes, consensus mechanisms and cryptographic safety protocols. This paper aims to design things which are very secure, efficient, and transparent by reducing the costs of transactions and processing time.