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

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