Comprehensive Framework for Implementing Blockchain Technology in International Banking Transaction Systems
Posted: Feb 28, 2022
Abstract
The international banking sector faces significant challenges in cross-border transaction processing, including prolonged settlement times, high operational costs, regulatory complexity, and security vulnerabilities. Traditional banking infrastructure, built upon centralized systems and legacy technologies, struggles to meet the demands of an increasingly globalized and digital financial ecosystem. Blockchain technology has emerged as a potential solution to these challenges, offering decentralized consensus, immutability, transparency, and enhanced security. However, the transition from theoretical promise to practical implementation has proven challenging, with numerous failed initiatives and limited successful deployments at scale. This research addresses the critical gap between blockchain's theoretical capabilities and its practical implementation in international banking systems. Previous attempts have typically focused on isolated aspects of blockchain integration, such as technical architecture or regulatory compliance, without providing a holistic framework that addresses the interconnected challenges across
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