The fastest growing field in the payment industry is mobile payment, but now the most eye-catching is the blockchain. At present, blockchain has become a hot topic in the field of financial technology, and blockchain technology has a wide range of applications in various industries. Then, whether the combination of "blockchain + cross-border payment" can cooperate in a friendly way and whether it can meet people's expectations needs to be further verified. Blockchain development companies talk about cross-border payments realized by blockchain:
Around March 2017, China Merchants Bank, through the first blockchain direct-connected cross-border payment application technology, realized cross-border payment for Nanhai Holdings Co., Ltd., a registered enterprise in Qianhai Shekou Free Trade Zone, through Wing Lung Bank to its account of the same name in Hong Kong. It marks the successful application of the first domestic blockchain cross-border project in the Qianhai Shekou Free Trade Zone, which is a milestone in the domestic blockchain financial application field.
IBM announced a new global blockchain cross-border solution at the conference, designed to help businesses and consumers improve global payment efficiency and reduce costs. Partners in the project also include Silicon Valley nonprofit Stellar.org and regional financial services firm KlickEx Group.
IBM has been making frequent moves in the financial services field recently. In addition to the blockchain cross-border payment network, projects such as foreign exchange payment network, private equity management, securities lending and trade financing are also gaining momentum.
On blockchain, all parties have to be on the same ledger, he said, and at the same time, "what we're capable of doing is working with different orbits and jurisdictions around the world". He noted that his company can send money to destinations in India and the Philippines in less than an hour. The feature is expanding to China and the rest of the world, he said.
The blockchain also embeds the contractual terms related to asset transfer transactions into the transaction database so that the entire transaction process can only occur when the transaction meets the relevant business conditions. Network participants ensure that transactions are universally verified based on consensus mechanisms or similar mechanisms. Such a mechanism can also more easily satisfy government regulation, compliance, and auditing of cross-border transactions.