Cross-border Business Sharing

Advantages of DF blockchain and cross border payment integration

April 20, 2021

The essence of DFC platform at the beginning of design is point-to-point transmission. When its underlying technology blockchain is applied in the field of payment, the pain point of cross-border payment can be well solved by bringing the advantages of point-to-point transmission into it. At the same time, DFC blockchain has the technical characteristics of tamper proof and smart contract. In the process of cross-border payment based on blockchain, the remittance channel is transparent and traceable, the remitter and the payee have reliable guarantee, and the payment is more secure.

The point-to-point mode reduces the cost of cross-border payment. Under the point-to-point mode of blockchain, it no longer relies on the traditional intermediary to provide credit proof and accounting services. Any financial institution can use its own network to access the system and realize the point-to-point payment information transmission between the payee and the payee.

Share account books to improve the efficiency of cross-border payment. All nodes in the blockchain share account books. The point-to-point transactions between nodes are confirmed by consensus algorithm, and the results are broadcast to all nodes. It is no longer necessary for both parties to establish hierarchical account agency relationship to realize point-to-point value transmission.

Distributed architecture provides business continuity guarantee. There is no central node in the distributed system architecture of blockchain network. Each node in the network spontaneously conducts transactions and bookkeeping on the basis of following the necessary protocols, which has stronger stability, reliability and business continuity guarantee.

Timestamps enable traceability of cross-border transactions. Time stamp can ensure that all transaction activities can be tracked and queried, and reduce the regulatory cost of cross-border payment transactions.

Automatic execution of smart contracts improves transaction efficiency. The processing of cross-border payment business needs to audit the customer’s identity according to KYC policy, and limit the conditions of value transmission through the blockchain smart contract, so as to improve the degree of transaction automation.

In the future, DFC will build a decentralized, trustworthy, global node network, and become the infrastructure of value Internet. As the basic tool of value transfer, DFC can circulate freely in the whole blockchain network and undertake the function of value transfer and value conversion.

Leave a Reply

Your email address will not be published. Required fields are marked *