Blockchain and its application

Abstract

The surge in cross-border transactions and the growth of e-commerce highlight the pressing need for efficient and secure digital payment solutions. However, many cross-border transactions still rely on traditional banking systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which often face challenges regarding transaction speed, security and transparency. Therefore, this project aims to tackle these issues by developing a blockchain wallet application capable of accepting multiple Central Bank Digital Currencies (CBDCs) or Purpose Bound Money (PBM), tailored to facilitate instant cross-border transactions and e-commerce activities. Blockchain, an emerging distributed ledger technology, enables secure and transparent record-keeping of transactions across a network. To design and implement a user-friendly blockchain wallet application that facilitates seamless and secure transactions for users engaged in cross-border trade and e-commerce, this application aims to streamline the payment process, enhance transaction security and reduce associated costs by leveraging blockchain technology. After rigorous development and testing, a blockchain wallet application with features supporting cross-border transactions and e-commerce activities has been created. This application allows users to securely store CBDCs, initiate transactions across borders, track transaction history in real-time and conduct various e-commerce activities. This report will demonstrate the feasibility and effectiveness of this application in facilitating smooth and transparent cross-border transactions, thus addressing the challenges prevalent in traditional payment systems.