The radar system is the integration of blockchain and cross-border payment. Compared with the traditional financial system, the main advantages are as follows:

First, in the blockchain peer-to-peer mode, no longer rely on traditional intermediaries to provide credit authentication and accounting services, any financial institution can use its own network access system to realize peer-to-peer information transmission between payers;

Second, all nodes in the blockchain share the account book, and the peer-to-peer transactions between nodes are confirmed by the * * * identification mechanism, and the results are broadcast to all nodes. Both parties no longer need to establish a hierarchical account agency relationship to realize peer-to-peer value transfer;

Thirdly, there is no central node in the distributed system architecture of blockchain network, and all nodes on the network conduct transactions and bookkeeping spontaneously on the basis of following the necessary protocols to ensure stability, reliability and business continuity;

Fourth, the timestamp in the blockchain can ensure that all transaction activities can be tracked and queried, and the traceability of cross-border transactions can be realized;

Fifth, to handle business in the blockchain, it is necessary to review the identity of customers according to KYC rules, and limit the conditions of value transfer through blockchain smart contracts to improve the automation of transactions.

After adopting the blockchain, the central system (such as SWIFT) is no longer responsible for fund settlement and transaction information storage, but directly transfers the value based on the * * * knowledge mechanism without any trust coordination.

The result of mechanism transformation, on the one hand, not only saves the huge server cost and maintenance cost of third-party institutions, but also simplifies business processes and reduces the business costs of banks and customers; On the other hand, the flattening of the process improves the speed of cross-border transfer and realizes real-time transfer. Moreover, because each node of the system stores a complete set of data copies, even if multiple nodes are attacked, the whole system can still ensure security!