Papers by Abdulkadir Kirobo
International Journal for Multidisciplinary Research (IJFMR), 2024
Cross border payments have been the biggest challenges in overseas business transactions. It is c... more Cross border payments have been the biggest challenges in overseas business transactions. It is characterized by frauds, lack of security, money laundering, transactions delays, and huge transactions
cost. The aim of this paper is to introduce new model of cross border digital currency transactions that would use the central banks' digital currency from two different countries. The model has adopted
blockchain technology to authorize smart contracts and proof of works under the monitoring of central banks of participating countries. In this model, each country would adopt its digital currency equivalent to the fiat/cash value. Unlike the traditional blockchain networks which are considered to be decentralized systems, this model has deployed centralized blockchain networks under the control of central banks. All nodes in the network will be owned by central banks that would records and trace any transactions by using blockchain technology. Apart from central banks, this model includes local banks, and digital forex exchange markets as their main stakeholders to serve the customers. As a centralized system, any smart contracts and proof of works resulting from any desired transactions are validated by the central banks of participating countries before execution. This system is useful to secure and speed up transactions, prevent any fraud, and to avoid the overseas
financial organizations' costs that have been incurred by the customers over the years. Governments around the world would have total control of monetary transactions if they deployed this payment model in their economy. However, they are required to tighten the security measures to prevent any security vulnerabilities, frauds, and threats, and get rid of money laundering activities. Furthermore, the study recommends further research in different scientific areas including network protocols architecture for locking blockchain systems to avoid double spending attacks, and cyber security issues concerning exchange platforms to minimize potential theft in this digital platform.
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Papers by Abdulkadir Kirobo
cost. The aim of this paper is to introduce new model of cross border digital currency transactions that would use the central banks' digital currency from two different countries. The model has adopted
blockchain technology to authorize smart contracts and proof of works under the monitoring of central banks of participating countries. In this model, each country would adopt its digital currency equivalent to the fiat/cash value. Unlike the traditional blockchain networks which are considered to be decentralized systems, this model has deployed centralized blockchain networks under the control of central banks. All nodes in the network will be owned by central banks that would records and trace any transactions by using blockchain technology. Apart from central banks, this model includes local banks, and digital forex exchange markets as their main stakeholders to serve the customers. As a centralized system, any smart contracts and proof of works resulting from any desired transactions are validated by the central banks of participating countries before execution. This system is useful to secure and speed up transactions, prevent any fraud, and to avoid the overseas
financial organizations' costs that have been incurred by the customers over the years. Governments around the world would have total control of monetary transactions if they deployed this payment model in their economy. However, they are required to tighten the security measures to prevent any security vulnerabilities, frauds, and threats, and get rid of money laundering activities. Furthermore, the study recommends further research in different scientific areas including network protocols architecture for locking blockchain systems to avoid double spending attacks, and cyber security issues concerning exchange platforms to minimize potential theft in this digital platform.
cost. The aim of this paper is to introduce new model of cross border digital currency transactions that would use the central banks' digital currency from two different countries. The model has adopted
blockchain technology to authorize smart contracts and proof of works under the monitoring of central banks of participating countries. In this model, each country would adopt its digital currency equivalent to the fiat/cash value. Unlike the traditional blockchain networks which are considered to be decentralized systems, this model has deployed centralized blockchain networks under the control of central banks. All nodes in the network will be owned by central banks that would records and trace any transactions by using blockchain technology. Apart from central banks, this model includes local banks, and digital forex exchange markets as their main stakeholders to serve the customers. As a centralized system, any smart contracts and proof of works resulting from any desired transactions are validated by the central banks of participating countries before execution. This system is useful to secure and speed up transactions, prevent any fraud, and to avoid the overseas
financial organizations' costs that have been incurred by the customers over the years. Governments around the world would have total control of monetary transactions if they deployed this payment model in their economy. However, they are required to tighten the security measures to prevent any security vulnerabilities, frauds, and threats, and get rid of money laundering activities. Furthermore, the study recommends further research in different scientific areas including network protocols architecture for locking blockchain systems to avoid double spending attacks, and cyber security issues concerning exchange platforms to minimize potential theft in this digital platform.