The week's pick
Reseach Article
Modeling of a Blockchain-based Cross-Border Payment System in a Secured Cloud Environment
| International Journal of Applied Information Systems |
| Foundation of Computer Science (FCS), NY, USA |
| Volume 12 - Number 44 |
| Year of Publication: 2024 |
| Authors: Festus A. Osuolale, David C. Okorie, Yetunde E. Ogunwale |
10.5120/ijais2024451968
|
Festus A. Osuolale, David C. Okorie, Yetunde E. Ogunwale . Modeling of a Blockchain-based Cross-Border Payment System in a Secured Cloud Environment. International Journal of Applied Information Systems. 12, 44 ( May 2024), 1-9. DOI=10.5120/ijais2024451968
Abstract
The traditional world of cross-border payments, plagued by delays, high fees, and lack of transparency, is facing a revolution fueled by the convergence of blockchain technology and secure cloud infrastructure. This paper proposes a novel system leveraging blockchain's distributed ledger and smart contracts to facilitate fast, transparent, and cost-effective international transactions. By harnessing the scalability and security of the cloud, the system aims to streamline cross-border payments, reduce intermediary costs, and ultimately reshape the global financial landscape, paving the way for a future of faster, cheaper, and more trustworthy transactions.
References
- Abbasi, G. A., Tiew, L. Y., Jin-Quan, T., Goh, Y., & Ramayah, T. (2021). The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis. PLOS ONE, 16(3), e0247582.
- Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: a new Post-Crisis paradigm? Social Science Research Network.
- Bartoletti, M., Carta, S., Cimoli, T., & Saia, R. (2020). Dissecting Ponzi schemes on Ethereum: Identification, analysis, and impact. Future Generation Computer Systems, 102, 259–277.
- Buyya, R., Yeo, C. S., Venugopal, S., Broberg, J., & Brandic, I. (2009). Cloud computing and emerging IT platforms: Vision, hype, and reality for delivering computing as the 5th utility. Future Generation Computer Systems, 25(6), 599–616.
- Casino, F., Dasaklis, T. K., & Patsakis, C. (2019). A systematic literature review of blockchain-based applications: Current status, classification and open issues. Telematics and Informatics, 36, 55–81.
- Chen, G., Xu, B., Lu, M., & Chen, N. (2018). Exploring blockchain technology and its potential applications for education. Smart Learning Environments, 5(1).
- Deng, Q. T. (2020). Application Analysis on Blockchain Technology in Cross-border Payment. Application Analysis on Blockchain Technology in Cross-border Payment.
- Fraga-Lamas, P., & Fernández-Caramés, T. M. (2019). A review on blockchain technologies for an advanced and Cyber-Resilient automotive industry. IEEE Access, 7, 17578– 17598.
- Fu, Z., Dong, P., Li, S., & Ju, Y. (2021). An intelligent cross-border transaction system based on consortium blockchain: A case study in Shenzhen, China. PLOS ONE, 16(6), e0252489.
- Gao, W., Hatcher, W. G., & Yu, W. (2018). A Survey of Blockchain: Techniques, Applications, and Challenges. A Survey of Blockchain: Techniques, Applications, and Challenges.
- Hu, B., Zhang, Z., Liu, J., Liu, Y., Yin, J., Lu, R., & Lin, X. (2021). A comprehensive survey on smart contract construction and execution: paradigms, tools, and systems. Patterns, 2(2), 100179.
- Javaid, M., Haleem, A., Singh, R. P., Suman, R., & Khan, S. (2022). A review of Blockchain Technology applications for financial services. BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2(3), 100073.
- Kibet, A., Bayyou, D. G., & Esquivel, R. (2019). Blockchain: it’s structure, principles, applications and foreseen issues.
- Khan, M. A., & Salah, K. (2018). IoT security: Review, blockchain solutions, and open challenges. Future Generation Computer Systems, 82, 395–411.
- Li, X. H. (2021). Blockchain-based cross-border e-business payment model. 2021 2nd International Conference on E-Commerce and Internet Technology (ECIT).
Index Terms
Keywords