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Application and Prospect Analysis of Blockchain in Digital Currency Cross-In Payment-Taking Ripple as an Example

Author(s)

Shen Yi

Affiliation(s)

Zhejiang Gongshang University, Hangzhou, Zhejiang, China

Abstract

With the acceleration of global economic integration, traditional cross-border payment systems have struggled to meet the demands of the modern era due to inefficiencies, high costs, and a lack of transparency. Blockchain technology, characterized by decentralization, immutability, and high efficiency, has emerged as a promising solution to reform and enhance these systems. This paper focuses on Ripple as a case study to examine its technological framework and practical applications in cross-border payments. Employing a combination of literature review and case study methods, the research analyzes Santander Bank’s "One Pay FX" project as a representative example to explore the operational mechanisms and effectiveness of the Ripple network in real-world payment scenarios. The findings indicate that Ripple can significantly enhance the efficiency of cross-border transactions, reduce transaction costs, and improve transparency. This study contributes to a deeper understanding of the practical implementation of blockchain-based cross-border payments and offers theoretical insights and practical guidance for the digital transformation of global payment systems.

Keywords

Blockchain Technology; Digital Currency; Cross-Border Payments; Ripple

References

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