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

PLoS One. 2021 Jun 9;16(6):e0252489. doi: 10.1371/journal.pone.0252489. eCollection 2021.

Abstract

Cross-border transactions have been more and more popular around the world. However, the current cross-border transactions still have risks and challenges, e.g., differences in regulation policies and unbalanced profits of banks. To address this critical issue, we construct a new framework for the transaction system with the support of blockchain technology. In this paper, we propose a new consortium blockchain system, namely asymmetric consortium blockchain (ACB), to ensure the implementation of cross-border transactions. Different from traditional consortium blockchain, the new blockchain system could support the supernode to regulate all the transactions timely. Furthermore, the new smart contract is designed to lower the opportunity loss for each node and make the profits allocation system fairer. In the end, the numerical experiments were carried out based on the transactions of Shenzhen and Hong Kong. The results show that the proposed ACB system is efficient to make the profit allocation fairer for the participants and keep intelligent for the new cross-border transaction system.

Publication types

  • Research Support, Non-U.S. Gov't

MeSH terms

  • Algorithms
  • Blockchain*
  • China

Grants and funding

This work was supported in part by Natural Science Foundation of China under Grant 71873015. Siyao Li received salary from Longfor Properties Co.Ltd. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript. The specific roles of these authors are articulated in the ‘author contributions’ section.