Chinese Strategies for Blockchain Cross-Border Payment System Development

This paper examines the application of blockchain in the field of cross-border payments. First of all, this study analyzes the basic principles and characteristics of the operation of blockchain from the perspective of the underlying architecture, and then discusses the economic theoretical issues contained in blockchain around the "triple paradox theory", "free currency theory" and "transaction cost theory". Secondly, Ripple, a typical representative of blockchain cross-border payment, is selected as an example, the differences between Ripple and the traditional cross-border payment system SWIFT are compared. Finally, through a comparative study of cases, the mechanism of optimizing cross-border payment by blockchain and the constraints of cross-border payment by blockchain are found, and on this basis, the corresponding research conclusions and policy suggestions for the development of cross-border payment by blockchain are put forward.