The Role of Blockchain Technology in Enhancing Transparency and Security in Global Financial Transactions
Posted: Nov 01, 2023
Abstract
This research presents a novel framework for integrating blockchain technology into global financial systems through a multi-layered consensus mechanism that combines proof-of-work with biometric authentication. Traditional blockchain implementations in finance have primarily focused on cryptocurrency applications, leaving significant gaps in addressing the complex regulatory requirements and scalability needs of international banking systems. Our approach introduces a hybrid architecture that maintains the decentralized security benefits of blockchain while incorporating compliance mechanisms that satisfy international financial regulations. The methodology employs quantum-resistant cryptographic protocols and implements a unique transaction validation system that operates across multiple jurisdictional boundaries without compromising data sovereignty. Through extensive simulation of cross-border payment scenarios involving over 10,000 simulated transactions across 15 different regulatory environments, our results demonstrate a 67
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