Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Management Research and Economic Development
Series Vol. 85 , 28 May 2024
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Access | Article
The Impact of Blockchain Technology: Cross-Border Payments, Digital Currencies, and Financial Risks
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Abstract
This study investigates the transformative potential of blockchain technology in revolutionizing cross-border payments, digital currency development, and mitigating financial risks within the financial sector. The study emphasizes the importance of this technology in addressing the inefficiencies and security vulnerabilities inherent in traditional financial systems, highlighting its significant pivotal role in the academic field of financial technology and blockchain research. To delve into these issues, this study conducted a comprehensive literature review of the latest research results, conducted case studies on the application of blockchain in financial institutions, and compared and analyzed traditional payment systems and blockchain-based payment systems. In addition, the study also utilizes model analysis to understand the influence of blockchain on financial risk administration and the growth patterns of digital currencies like Bitcoin. The research results indicate that blockchain technology greatly improves the security, productivity, and transparency of payments made across borders by decreasing the need for intermediaries and related expenses. Furthermore, the blockchain system facilitates the creation of digital currencies, providing a stable and secure framework. In addition, the Integration of blockchain with financial management processes emerges as a feasible solution to reduce various financial risks, providing a more efficient and secure framework for financial businesses. The results of this study indicate that blockchain technology can serve as a fundamental element for future financial transactions, digital currencies, and risk management, making the financial industry more transparent, secure, and efficient, potentially changing the industry.
Keywords
Blockchain, Cross-border payments, Digital currencies, Financial risks
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-83558-435-4
- ISBN (Online)
- 978-1-83558-436-1
- Published Date
- 28 May 2024
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/85/20240828
- Copyright
- 28 May 2024
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited