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Analysis of blockchain-based Ripple and SWIFT

Abstract— Blockchain is one of the modern new edge technologies which is capable of transforming the traditional financial system, especially in the financial industry. Cross-border money transfer is one of the big challenges in terms of security, cost, and other regulatory issues. Presently, the mo...

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Main Authors:	Islam, Lihajul, Rashid, Muhammad Mahbubur, M A, Faysal
Format:	Article
Language:	English
Published:	AlamBiblio 2022
Subjects:	TK5101 Telecommunication. Including telegraphy, radio, radar, television
Online Access:	http://irep.iium.edu.my/97782/1/97782_Analysis%20of%20blockchain-based%20Ripple.pdf http://irep.iium.edu.my/97782/ https://journals.alambiblio.com/ojs/index.php/ajoeee/article/view/30/19
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id	my.iium.irep.97782
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spelling	my.iium.irep.977822022-05-09T07:25:51Z http://irep.iium.edu.my/97782/ Analysis of blockchain-based Ripple and SWIFT Islam, Lihajul Rashid, Muhammad Mahbubur M A, Faysal TK5101 Telecommunication. Including telegraphy, radio, radar, television Abstract— Blockchain is one of the modern new edge technologies which is capable of transforming the traditional financial system, especially in the financial industry. Cross-border money transfer is one of the big challenges in terms of security, cost, and other regulatory issues. Presently, the most popular international money transfer system is SWIFT in the financial sector. Ripple is one of the upcoming payment networks for cross-border payment systems based on blockchain technology and uses its own cryptocurrency called XRP. This paper highlights the implementation challenges of SWIFT and Ripple networks. It also underlines the features of whether the blockchain-based application can transform the existing traditional payment system and how the new proposed system works. This paper is also explained how the proposed system has some advantages over the traditional system. Still, SWIFT is the market leader in remitting money for cross-border payments. On the other hand, the Ripple network is an emerging technology that may contribute a lot to cross-border payment in the financial industry in the near future. AlamBiblio 2022-04-18 Article PeerReviewed application/pdf en http://irep.iium.edu.my/97782/1/97782_Analysis%20of%20blockchain-based%20Ripple.pdf Islam, Lihajul and Rashid, Muhammad Mahbubur and M A, Faysal (2022) Analysis of blockchain-based Ripple and SWIFT. Asian Journal of Electrical and Electronic Engineering, 2 (1). pp. 1-9. ISSN 2785-8189 https://journals.alambiblio.com/ojs/index.php/ajoeee/article/view/30/19
institution	Universiti Islam Antarabangsa Malaysia
building	IIUM Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	International Islamic University Malaysia
content_source	IIUM Repository (IREP)
url_provider	http://irep.iium.edu.my/
language	English
topic	TK5101 Telecommunication. Including telegraphy, radio, radar, television
spellingShingle	TK5101 Telecommunication. Including telegraphy, radio, radar, television Islam, Lihajul Rashid, Muhammad Mahbubur M A, Faysal Analysis of blockchain-based Ripple and SWIFT
description	Abstract— Blockchain is one of the modern new edge technologies which is capable of transforming the traditional financial system, especially in the financial industry. Cross-border money transfer is one of the big challenges in terms of security, cost, and other regulatory issues. Presently, the most popular international money transfer system is SWIFT in the financial sector. Ripple is one of the upcoming payment networks for cross-border payment systems based on blockchain technology and uses its own cryptocurrency called XRP. This paper highlights the implementation challenges of SWIFT and Ripple networks. It also underlines the features of whether the blockchain-based application can transform the existing traditional payment system and how the new proposed system works. This paper is also explained how the proposed system has some advantages over the traditional system. Still, SWIFT is the market leader in remitting money for cross-border payments. On the other hand, the Ripple network is an emerging technology that may contribute a lot to cross-border payment in the financial industry in the near future.
format	Article
author	Islam, Lihajul Rashid, Muhammad Mahbubur M A, Faysal
author_facet	Islam, Lihajul Rashid, Muhammad Mahbubur M A, Faysal
author_sort	Islam, Lihajul
title	Analysis of blockchain-based Ripple and SWIFT
title_short	Analysis of blockchain-based Ripple and SWIFT
title_full	Analysis of blockchain-based Ripple and SWIFT
title_fullStr	Analysis of blockchain-based Ripple and SWIFT
title_full_unstemmed	Analysis of blockchain-based Ripple and SWIFT
title_sort	analysis of blockchain-based ripple and swift
publisher	AlamBiblio
publishDate	2022
url	http://irep.iium.edu.my/97782/1/97782_Analysis%20of%20blockchain-based%20Ripple.pdf http://irep.iium.edu.my/97782/ https://journals.alambiblio.com/ojs/index.php/ajoeee/article/view/30/19
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score	13.211869

Analysis of blockchain-based Ripple and SWIFT

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