Thesis Abstract

Abstract
Blockchain technology has emerged as a disruptive innovation with the potential to transform various industries, including banking and finance. This thesis explores the application of blockchain technology for secure and efficient cross-border payments in the banking sector. The study aims to investigate how blockchain can address the challenges associated with traditional cross-border payment systems, such as high costs, slow processing times, and lack of transparency. The research begins with an introduction to the topic, providing background information on blockchain technology and its relevance to the banking industry. The problem statement highlights the limitations of existing cross-border payment systems and sets the stage for the objective of the study, which is to assess the effectiveness of blockchain in improving the security and efficiency of cross-border payments. The study also delineates the scope of research, outlining the specific aspects of cross-border payments that will be examined. A comprehensive literature review is conducted in Chapter Two, which examines existing literature on blockchain technology, cross-border payments, and the intersection of the two fields. The review covers key concepts, theories, and empirical studies that inform the research methodology and findings of this study. Chapter Three outlines the research methodology employed in this study, including the research design, data collection methods, and data analysis techniques. The chapter details the selection of participants, data sources, and tools used to gather and analyze data related to blockchain-based cross-border payments. In Chapter Four, the findings of the study are presented and discussed in detail. The analysis focuses on the impact of blockchain technology on the security, speed, and cost-effectiveness of cross-border payments in the banking sector. The chapter also explores the challenges and limitations of implementing blockchain solutions in the context of cross-border payments. Finally, Chapter Five concludes the thesis by summarizing the key findings, implications, and contributions of the study. The conclusion reflects on the potential of blockchain technology to revolutionize cross-border payments in banking, highlighting areas for further research and practical applications. Overall, this thesis contributes to the growing body of knowledge on blockchain technology and its role in enhancing financial services, particularly in the realm of cross-border payments.

Thesis Overview

The research project titled "Using Blockchain Technology for Secure and Efficient Cross-Border Payments in Banking" aims to explore the application of blockchain technology in enhancing the security and efficiency of cross-border payments within the banking sector. The traditional cross-border payment systems are often plagued with issues such as high costs, long processing times, lack of transparency, and susceptibility to fraud. Blockchain technology, known for its decentralized and secure nature, has the potential to address these challenges and revolutionize the way cross-border payments are conducted in the banking industry. This research project will delve into the theoretical foundations of blockchain technology and its relevance in the context of cross-border payments. It will examine the key features of blockchain, such as decentralization, immutability, transparency, and security, that make it a promising solution for improving the efficiency and security of cross-border transactions. The project will also review existing literature on the adoption of blockchain technology in the banking sector, particularly in the realm of cross-border payments, to identify trends, challenges, and best practices. Furthermore, the research will involve a detailed analysis of the current cross-border payment processes in the banking industry, highlighting the inefficiencies and vulnerabilities that exist within the traditional systems. By understanding the pain points and limitations of the current payment infrastructure, the project aims to propose a framework for integrating blockchain technology to streamline cross-border transactions, reduce costs, enhance security, and improve overall efficiency. The methodology of the research will involve a combination of qualitative and quantitative approaches, including case studies, interviews with industry experts, surveys, and data analysis. By collecting primary data from banking institutions, payment service providers, regulators, and other stakeholders, the research aims to gain insights into the practical implementation challenges, regulatory considerations, and potential benefits of using blockchain technology for cross-border payments. Ultimately, the research project seeks to contribute to the body of knowledge on blockchain technology and its application in the banking sector, with a specific focus on cross-border payments. By providing a comprehensive overview of the benefits, challenges, and implications of adopting blockchain for secure and efficient cross-border transactions, the project aims to offer valuable insights to banking professionals, policymakers, researchers, and other stakeholders interested in the future of payment systems in the digital era.