An intelligent cross-border transaction system based on consortium blockchain: A case study in Shenzhen, China

Fu, Zhengtang; Dong, Peiwu; Li, Siyao; Ju, Yanbing

doi:10.1371/journal.pone.0252489

Cited by 19 publications

(10 citation statements)

References 42 publications

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“…For example, Ariffin and Ismail (2019) proposed a blockchain-based system to enforce trust in traditional trade finance systems. On the other hand, in the case of Fu et al (2021), blockchain was applied to simplify the complex process of traditional cross-border payment services. Blockchain is also used to address key limitations of current interbank payment settlements: the need for synchronisation and reconciliation of participating banks' databases and the need for central parties to facilitate payments between participating banks (Wu & Liang, 2017).…”

Section: Discussion Of Results From Primary Scholarly Studiesmentioning

confidence: 99%

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Mafike¹,

Mawela²

2022

AIP

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Blockchain is transforming the banking sector and offering opportunities for significant cost reduction and efficient banking services. However, implementing blockchain is a challenge due to lack of adequate knowledge and skills on how to implement the technology. As a result, there are very few market-ready blockchain banking products and organisations are unable to realise the promised value. This paper presents an overview of the banking sector's blockchain use cases, design and implementation considerations and techniques. The aim is to offer an evidence-based primer to guide researchers and practitioners. The study relies on the systematic literature review method and reviews a total of 45 papers comprising 26 peer-reviewed scholarly articles and 19 technical reports from the banking industry. Leximancer software is used to support the thematic data analysis. The results show for the banking sector an increase in experimentation efforts geared towards the development of payment systems. The results also indicate key considerations from a technological, organisational and environmental perspective. The study highlights that platform selection, scalability and resilience are some of the critical technical considerations for implementing blockchain banking systems. Organisational considerations include collaboration and governance-related challenges. From an environmental perspective, the study notes several legal and regulatory considerations. This study contributes to the existing literature on blockchain adoption in banking, which is still in the nascent stage. The study also offers a research agenda for further understanding of blockchain implementation in the banking sector. Opportunities for further research are noted in the areas of interoperability, governance, security and privacy.

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Section: Discussion Of Results From Primary Scholarly Studiesmentioning

confidence: 99%

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Mafike¹,

Mawela²

2022

AIP

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“…This article adopts a case study approach to investigate the integral part of the Chinese e-commerce tycoons and their performances, development strategies in the Indonesia market. Case study approach in world e-commerce industry has been extensively applied by existing researches, for instance, Fu et al [ 25 ] studies international cross-border transaction in global e-commerce sector via a case study approach, proposing that asymmetric consortium blockchain is critical in balancing the regulation policies and the profits of the transaction banks in Shenzhen city, China. Case study approach is also applied in empirical studies by Adamczyk [ 26 ] to investigate international e-commerce buyers’ compulsive and compensative consuming behaviour.…”

Section: Methodsmentioning

confidence: 99%

“…Nowadays, with the growing number of new e-commerce emerging, making e-commerce competitiveness in Indonesia increasingly increasing. Based on a survey by the Indonesian Internet Service Providers Association (APJII), internet users in Indonesia are close to 197 million users [ 25 ].…”

Section: Research Spectrum and Case Reviewmentioning

confidence: 99%

Geographic proximity, supply chain and organizational glocalized survival: China’s e-commerce investments in Indonesia

Zhu

Lan

Zhang³

2021

PLoS ONE

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Chinese e-commerce companies are in the ascendant into the overseas market, while still lack adequate academic attention. Adopting case study and public policy approaches, this article applies the symbiosis theory, based on the fundamentals of the development data of Chinese e-commerce companies in the Indonesia market, to construct an evaluation model and proposes a strategic orientation to reaching an embedded survival and further development. Through understanding the structural characteristics and developing status of different types of Chinese e-commerce companies going overseas, a detailed investigation to the Chinese e-commerce companies investing in Indonesia has been conducted. Findings show that the production capacity cooperation stage of the two countries has a trend of asymmetric symbiosis gradually developing towards symmetric symbiosis. To promote a continuous economic cooperation between China and Indonesia, this article proposes that the national-level collaboration policies, cross-border e-commerce value chain, as well as organizational-level coordination are the key sectors for reaching the vision of symmetric symbiosis between the two countries. Sectors in infrastructure, trade, capital, and people’s mindset intimacy also contribute to construct a symbiosis mechanism for capacity cooperation between the two nations.

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“…Overall, the system poses a higher computational complexity and lacks transparency and resiliency. In [24], the authors proposed an intelligent cross-border transaction system based on consortium blockchain with smart contracts. Numerical experiments were carried out using Shenzhen and Hong Kong transactions.…”

Section: Related Workmentioning

confidence: 99%

A Low-Cost Cross-Border Payment System Based on Auditable Cryptocurrency With Consortium Blockchain: Joint Digital Currency

Islam

Shahjalal

et al. 2023

IEEE Trans. Serv. Comput.

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Due to the involvement of a large number of intermediaries across different time zones in the correspondent banking process, existing interbank payment systems cannot provide cost-effective cross-border transactions. They also suffer from lack of transparency and long transaction delays. These issues can be solved by designing a cryptocurrency in an auditable manner using a permissioned blockchain where a group of authorities can govern the network. In this paper, we propose a low-cost, seamless cross-border payment system based on an auditable cryptocurrency that enables unspent transaction output-based transactions in a consortium blockchain network. To manage the blockchain, participating countries execute the energy-efficient proof of authority consensus algorithm with equal rights. Unlike conventional cryptocurrencies, dynamic decentralized identifiers (DIDs) are used as transacting addresses so that self-manageable authentication can be performed on-chain without any interaction with a trusted third party. The identity of transacting parties is known to respective DID issuers only. This approach enables peer-to-peer transactions while protecting user privacy and ensuring transparency without jeopardizing auditability. For user convenience, multi-party computation and multi-signature protocols are also provided. The system was implemented in Python, and the transaction mechanism was tested. This paper can help with ongoing research on blockchain-based cross-border payment solutions worldwide.

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An intelligent cross-border transaction system based on consortium blockchain: A case study in Shenzhen, China

Cited by 19 publications

References 42 publications

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Blockchain Design and Implementation Techniques, Considerations and Challenges in the Banking Sector: A Systematic Literature Review

Geographic proximity, supply chain and organizational glocalized survival: China’s e-commerce investments in Indonesia

A Low-Cost Cross-Border Payment System Based on Auditable Cryptocurrency With Consortium Blockchain: Joint Digital Currency

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