The application of blockchain technology in financial technology and its innovation to payment systems
Abstract
The combination of fintech and blockchain technology is reshaping the future of payment systems and financial services. Blockchain, as a decentralized ledger technology, provides the infrastructure for digital currencies and supports the operation of cryptocurrencies
such as Bitcoin. It not only promotes the development of digital currencies, but also promotes the application of smart contracts to automatically execute contract terms and improve the efficiency of financial transactions. Supply chain finance also realizes the transparency of capital flow and logistics information through the blockchain, shortening the settlement time. In payment systems, the application of blockchain
technology reduces the cost of cross-border payments, improves payment efficiency, and enhances the security of payment systems through
distributed ledgers. This technology has also facilitated innovations in the payments space, such as micropayments and instant payments,
bringing unprecedented convenience to consumers and businesses.
such as Bitcoin. It not only promotes the development of digital currencies, but also promotes the application of smart contracts to automatically execute contract terms and improve the efficiency of financial transactions. Supply chain finance also realizes the transparency of capital flow and logistics information through the blockchain, shortening the settlement time. In payment systems, the application of blockchain
technology reduces the cost of cross-border payments, improves payment efficiency, and enhances the security of payment systems through
distributed ledgers. This technology has also facilitated innovations in the payments space, such as micropayments and instant payments,
bringing unprecedented convenience to consumers and businesses.
Keywords
financial technology; Blockchain technology; Payment efficiency
Full Text:
PDFReferences
[1] Fang Y. Application research of virtual currency and blockchain technology [J]. Trade Fair Economics, 2023, (09): 116-118. (in
Chinese)
[2] Li Chuyang. Research on the integration and application of blockchain technology in the field of financial technology [J]. Western
Finance, 2022, (04): 85-91.
[3] Chen Xiaomei. Research on the application of blockchain technology from the perspective of banks [J]. Journal of Fujian Radio
and Television University, 2020, (04): 70-74.
DOI: http://dx.doi.org/10.18686/fm.v9i2.12447
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