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The SLA of the currency win potential area reshapes the commercial payment application system

Time : 22/08/2021 Author : q4chzr Click : + -
        With the rapid development of cross-border e-commerce in recent years, more and more high-quality overseas goods are accelerating to enter the Chinese market, and the cross-border market will become the next trillion level "blue ocean". At present, the third-party payment market presents a "duopoly" competition pattern. TenPay and Alipay have shared up to 92% of the transaction share of the overall mobile payment market and firmly occupied the C-end market. Their application fields, such as e-commerce, aviation and games, have gradually become saturated and gradually entered a mature development stage of stable growth. With the rapid development of cross-border e-commerce, cross-border payment has suddenly become the "hot cake" in the eyes of all third-party payment institutions. According to the 2018 (first) China cross-border e-commerce market data monitoring report, the scale of China's cross-border e-commerce transactions in the first half of 2018 was 4.5 trillion yuan, a year-on-year increase of 25%.
        It is worth noting that in such large-scale transactions, B2B mode dominates, accounting for 84.6% of the total transaction volume, while B2C transactions represented by Alipay and wechat payment account for only 15.4%. Domestic e-commerce collection and payment methods are no more than Alipay and TenPay, although there is no need to worry about security, timeliness and handling fees. However, with the expansion of the scope of e-commerce, the collection and remittance methods of cross-border e-commerce are not so simple. For a long time, because the traditional cross-border payment method involves many intermediate links, the cost is high and the timeliness of payment is not high, the cross-border e-commerce sellers are faced with such problems as difficulty in applying for overseas bank accounts, complex fund management of multi platform stores, and slow speed of withdrawal and payment.
        In addition, relying on third-party institutions, the whole cross-border payment needs to pay corresponding service fees, which greatly affects the effect of payment. At the present stage, the settlement and payment of commercial trade transactions need to rely on banks. This traditional way of conducting transactions through intermediaries needs to pass through the Bank of deposit, the central bank, and overseas banks (agent banks or overseas branches of the bank). Each of these institutions has its own accounting system, and needs to establish an agency relationship with each other and have a credit line; Each transaction needs to be recorded in the bank, and also needs to be cleared and reconciled with the counterparty, resulting in slow speed and high cost. It often takes several days from the implementation to the settlement; It needs to go through many intermediary agencies, and each agency will charge a handling fee.
        Blockchain has the characteristics of decentralization, openness, autonomy and non tamperability of information. It can be used to build a regulatory TOOLBOX containing many means required by the regulatory authorities to facilitate the implementation of accurate, timely and more dimensional regulation, and solve the problem of suspected double clearing of online e-commerce service platforms and offline payment service providers. Therefore, a payment transaction system based on blockchain technology came into being. Blockchain technology can be applied to upgrade cross-border business, create new cross-border payment methods, and promote the development of cross-border business. The current traditional cross-border payment method takes a long time to clear, has a high handling fee, and sometimes there will be cross-border payment fraud, resulting in cross-border capital risk.
        By creating a point-to-point payment method through blockchain technology, excluding the intermediate links of third-party financial institutions, it can not only make all-weather payment, instant payment, easy withdrawal and no hidden costs, but also help reduce the cross-border e-commerce capital risk and meet the convenience needs of cross-border e-commerce for payment and settlement services. SLA cross-border payment platform, as a well-known domestic blockchain project of coinw, allows people to make cross-border transfer at lower cost and faster speed. SLA cross-border payment platform relies on digital currency as the payment currency of global business, and also supports the free exchange of multiple legal currencies. SLA establishes a decentralized global exchange settlement system.
        The core mechanism of this system is mainly reflected in: introducing the gateway system to solve the trust problem of transfer and remittance between non acquaintances. Gateways are generally served by entities with public credibility, such as banks and third-party institutions. The relationship between the user and the gateway is reflected as a creditor's right debt relationship in the whole system. That is, if the user a needs to remit money to the user B through the blockchain wallet, the gateway between them generates a debt with a and a debt with B. the transaction is completed by converting the creditor's right of the gateway to B into a debt to B and clearing it, and then reflecting the change in the balance of both parties. This debt relationship will be stored on several servers through the distributed network. The servers communicate with each other in a P2P manner to avoid various risks caused by a single and centralized server. The system ensures data security through certain encryption technologies.
        According to the consensus, multiple selectable settlement cryptocurrencies are set, such as bitcoin and ripple coin. Digital currency plays a role similar to margin and transaction fee in each transaction process. In order to prevent malicious attackers from creating a large number of garbage accounts to affect the normal operation of the network, blockchain wallets require that each gateway must hold a certain amount of digital currency, and that a certain amount of digital currency will be destroyed every time a transaction is conducted, thereby increasing the attack cost of malicious attackers to ensure operational security. SLA blockchain cross-border payment system is based on blockchain technology, with digital currency with global credibility and greater circulation as the medium, and access to the liquidity of major digital asset exchanges in the world, to meet the needs of efficient payment, so as to realize the functions of commercial consumption, payment and settlement.
        1. Point to point mode reduces cross-border payment costs. In the point-to-point mode of the blockchain, it no longer relies on traditional intermediaries to provide credit certification and accounting services. Any financial institution can use its own network access system to realize point-to-point payment information transmission between the payees and the payers. 2. Share account books to improve cross-border payment efficiency. All nodes in the blockchain share account books. The peer-to-peer 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 a hierarchical account agency relationship to realize peer-to-peer value transmission. 3. Distributed architecture provides business continuity guarantee. There is no central node in the distributed system architecture of the blockchain network. Each node on the network conducts transactions and accounts spontaneously on the basis of following the necessary protocols, which has stronger stability, reliability and business continuity.
        4. Time stamp enables traceability of cross-border transactions. Timestamp can ensure that all transaction activities can be tracked and queried, and reduce the regulatory cost of cross-border payment transactions. 5. Automatically executed smart contracts improve transaction efficiency. The handling of cross-border payment business needs to review the customer's identity according to KYC policies, limit the conditions of value transmission through blockchain smart contracts, and improve the degree of transaction automation. The blockchain payment system uses payment channels to realize the global circulation of digital currency. After receiving digital assets, merchants can exchange local legal currency online. With the continuous increase of global merchants and individual users, it flows through multiple channels and scenarios, creating a complete new blockchain payment ecosystem.
        Merchants all over the world can easily access the blockchain payment system to their own systems and apps with one click, and can accept cross-border payments from users all over the world. The system allows merchants to reduce the time and manpower for accessing payment. Users can quickly purchase foreign goods by paying for digital assets. Using blockchain as a fund channel can achieve instant and safe, Merchants can manage all orders of these payment channels through the merchant management background provided by the platform. In the traditional cross-border payment, it is often faced with risks such as high transfer service fees, long settlement cycle, slow payment speed, transfer limit limit, and capital freeze. These risks often bring unnecessary losses to the business of enterprise users. It is difficult for cross-border payment to have a breakthrough under the traditional financial system. The blockchain payment system can provide a real-time and efficient decentralized payment network, and is an effective tool to solve the pain point of cross-border payment.
        On the whole, blockchain + cross-border payment has many incomparable advantages over other technologies. The cross-border remittance of distributed network technology can enable users to complete cross-border transfer at lower cost and faster speed under the decentralized mechanism, so it breeds a huge market space. The gradual implementation of blockchain + cross-border payment has improved efficiency, reduced costs, and provided more possibilities for third-party payment in the field of cross-border e-commerce export trade.
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