Blockchain's Impact on Modernizing Cross-Border Payment Systems
As globalization continues to expand, the demand for efficient and cost-effective cross-border payment systems has never been greater. Blockchain technology, with its decentralized and transparent nature, offers a promising solution to the challenges faced by traditional international payment methods . This article examines how blockchain is revolutionizing cross-border payments and explores the benefits and hurdles associated with its adoption. Introduction to Blockchain Technology Blockchain technology is a distributed ledger system that enables the secure and transparent recording of transactions. In a blockchain network, transactions are grouped into blocks and linked together in a sequential chain. This immutable ledger is maintained by a network of nodes, each of which validates and records transactions. The decentralized structure of blockchain eliminates the need for a central authority to oversee transactions. Instead, the system relies on consensus mechanisms among network pa
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