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

Islam, Md. Rafiqul and Rashid, Muhammad Mahbubur (2023) Permission-based blockchain consortium network (PBCN) uses for cross-border payment. In: 2023 IEEE Symposium on Wireless Technology & Applications (ISWTA 2023), Hybrid Conference in Maya Hotel, Kuala Lumpur, Malaysia.

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Abstract

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.

Item Type:	Proceeding Paper (Invited Papers)
Uncontrolled Keywords:	blockchain, cross-border, settlement, security, scalable
Subjects:	T Technology > TJ Mechanical engineering and machinery > TJ170 Mechanics applied to machinery. Dynamics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Engineering > Department of Mechatronics Engineering
Depositing User:	Dr Muhammad Rashid
Date Deposited:	25 Sep 2023 15:12
Last Modified:	01 Feb 2024 18:57
URI:	http://irep.iium.edu.my/id/eprint/107061

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