Current Advancements in Blockchain Technology within Business Sectors
The cross-border payments sector is witnessing a significant shift as the evolution of cryptocurrencies and blockchain-based offerings takes centre stage. This transition is evident as various organisations delve into their respective projects, aiming to revolutionise the industry.
One such organisation is Novi, previously known as Calibra. The company has recently rebranded, signalling a fresh start in its mission to disrupt cross-border payments. However, privacy concerns have cropped up during the testing of these digital currency exchanges, raising questions about the security and confidentiality of transactions.
Central banks worldwide are actively developing Central Bank Digital Currencies (CBDC), a trend that is gaining momentum. The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand, in collaboration with other central banks, have launched the multilateral central bank digital currency bridge (mCBDC Bridge) to explore cross-border payments using CBDCs. This initiative, launched in the Xiongan New Area with the Industrial and Commercial Bank of China involved, aims to improve efficiency and reduce costs. The HKMA has also implemented a stablecoin licensing and supervisory regime as of August 1, 2025.
The European Central Bank (ECB) and the Bank of Japan continue their cooperation in digital finance innovation, although specific recent updates on their joint CBDC development are not available in the available sources. Some central banks are exploring the use of CBDC for wholesale payments, while others, such as the HKMA and the Bank of Thailand, are testing cross-border exchanges of digital currency through Project Inthanon-LionRock and Project Stella.
Notably, the market readiness for wide-scale adoption of blockchain technology is yet to be determined. A survey by the Bank for International Settlements did not find any CBDC projects with a focus on retail cross-border payments, indicating a potential gap in the industry.
Ripple, a well-established blockchain project, is currently the furthest along in development. However, the challenge of moving towards wider-scale adoption remains. R3, another blockchain technology provider, is contributing to the industry by providing blockchain technology to Nasdaq and Mastercard.
Valentina Vitali, a figure associated with the blockchain industry, recently made a statement about the current state and future prospects of blockchain technology. While the details of her statement are not provided here, her insights offer valuable perspectives on the evolving landscape of blockchain technology and its applications in cross-border payments.
In conclusion, the cross-border payments industry is undergoing a transformative period, with central banks and private organisations exploring the potential of CBDCs and blockchain technology. While challenges remain, the industry is steadily moving towards a more efficient, cost-effective, and secure future.
