Research on the Efficiency Enhancement and Risk Prevention in Cross-Border Payments Through Blockchain Technology

In the context of global cross-border payments exceeding $150 trillion, traditional mediation architectures, such as SWIFT, face challenges due to high costs, inefficiencies, and fraud risks. However, blockchain technology become an important driver of innovation in cross-border payments with the characteristics of decentralization, real-time and immutable. This paper aims to answer two core questions: Blockchain technology how to improve the efficiency of cross-border payments through smart contracts, cross-chain protocols and other technical features? How to identify and prevent key risks such as private key security and regulatory conflicts? Through the logical framework of "technical basis - efficiency analysis - risk identification - prevention and control strategy", combined with case comparison (such as RippleNet and SWIFT) and quantitative data (such as Stellar network $0.01 / transaction cost). This paper systematically analyzes the role of blockchain in disintermediation, cost compression, and transparency optimization. Besides, the risks of technological vulnerabilities, regulatory fragmentation and market volatility are revealed. Then, this paper proposes a collaborative governance scheme of hybrid architecture, zero-knowledge proof and multilateral regulatory sandbox. Research finding, blockchain technology can reduce cross-border payment time to seconds and reduce costs by more than 90%, but it needs to deal with challenges such as throughput constraints, conflicting regulatory standards and the volatility of digital currencies. It is suggested that future research focus technology optimization, multilateral regulatory collaboration and market ecological integration, provide theoretical and practical support for building an efficient and secure global payment system.