Prospects for using blockchain in the system of international supply chains and cross-border payments

This article considers the transformative potential of blockchain technology and digital currencies in revolutionizing national and international payment systems. The study employs a comprehensive analysis of existing literature, real-life cases, and current trends in blockchain and digital currency adoption. It assesses the impact of blockchain on international trade and financial transactions, focusing on its potential to reduce costs, enhance security, and improve transparency. The research reveals that blockchain offers promising solutions for cross-border payments by eliminating intermediaries, reducing transaction costs, and increasing the efficiency of supply chains. Central bank digital currencies are gaining traction as central banks strive to modernize payment systems and mitigate risks associated with legacy clearing systems. The study also highlights the emergence of regional payment systems and country-specific associations driven by blockchain adoption, enabling autonomous payment transactions independent of traditional regulatory mechanisms. The article emphasizes the importance of exploring alternative channels for international transactions and embracing these technologies to navigate the evolving landscape of cross-border payments. Ultimately, the potential of blockchain to accelerate transactions, reduce costs, and enhance security makes it a transformative force in reshaping the future of international and national payment systems.