Application of Blockchain Technology in Improving Security and Efficiency of Cross-Border Payments in Banking

Thesis Abstract

Abstract
Blockchain technology has emerged as a disruptive force in the financial sector, offering innovative solutions to enhance security and efficiency in cross-border payments within the banking industry. This thesis investigates the application of blockchain technology to address the challenges faced in cross-border payments, focusing on improving security and efficiency. The research explores the potential benefits of utilizing blockchain technology in streamlining cross-border payment processes, reducing transaction costs, enhancing transparency, and mitigating fraud risks. Chapter One provides an introduction to the research, outlining the background of the study, problem statement, objectives, limitations, scope, significance, and structure of the thesis. The chapter also defines key terms related to blockchain technology and cross-border payments. Chapter Two presents a comprehensive literature review covering ten key aspects related to blockchain technology, cross-border payments, security, efficiency, challenges, and opportunities in the banking sector. The review synthesizes existing research and theoretical frameworks to establish a foundation for the study. Chapter Three details the research methodology employed in the study, including research design, data collection methods, sampling techniques, data analysis approaches, and ethical considerations. This chapter outlines the steps taken to investigate the application of blockchain technology in enhancing security and efficiency in cross-border payments. Chapter Four provides a detailed discussion of the findings obtained through the research process. The chapter analyzes the impact of blockchain technology on security and efficiency in cross-border payments, highlighting the strengths and limitations of implementing blockchain solutions in the banking sector. It also explores practical implications and recommendations for stakeholders in the industry. Chapter Five presents the conclusion and summary of the thesis, emphasizing the key findings, implications for practice, limitations of the study, and recommendations for future research. The chapter provides a comprehensive overview of the research outcomes and their significance in advancing the understanding of blockchain technology in improving cross-border payments within the banking sector. Overall, this thesis contributes to the growing body of knowledge on the application of blockchain technology in enhancing security and efficiency in cross-border payments in banking. The findings offer valuable insights for financial institutions, policymakers, researchers, and industry practitioners seeking to leverage blockchain solutions to address the challenges associated with cross-border payments.