Blockchain and central bank digital currency
With the development of blockchain and digital currencies, central banks all over the world are accelerating the process of CBDC development. However, it is still controversial on adoption of blockchain in CBDC design. In the paper, we analyze both functional and non-functional requirements of CBDC...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2022-06-01
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| Series: | ICT Express |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405959521001399 |
| _version_ | 1818254048449527808 |
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| author | Tao Zhang Zhigang Huang |
| author_facet | Tao Zhang Zhigang Huang |
| author_sort | Tao Zhang |
| collection | DOAJ |
| description | With the development of blockchain and digital currencies, central banks all over the world are accelerating the process of CBDC development. However, it is still controversial on adoption of blockchain in CBDC design. In the paper, we analyze both functional and non-functional requirements of CBDC design, and make a literature review on blockchain based CBDC schemes. Analysis findings show that permissioned blockchain is more suitable for CBDC than permissionless blockchain. Besides, there are some challenges in blockchain based CBDC, such as performance, scalability, and cross-chain interoperability. Our analysis is timely and can provide guidelines for blockchain based CBDC design. |
| first_indexed | 2024-12-12T16:49:46Z |
| format | Article |
| id | doaj.art-26401d929b0a450ab6c3c99045c9a8d3 |
| institution | Directory Open Access Journal |
| issn | 2405-9595 |
| language | English |
| last_indexed | 2024-12-12T16:49:46Z |
| publishDate | 2022-06-01 |
| publisher | Elsevier |
| record_format | Article |
| series | ICT Express |
| spelling | doaj.art-26401d929b0a450ab6c3c99045c9a8d32022-12-22T00:18:23ZengElsevierICT Express2405-95952022-06-0182264270Blockchain and central bank digital currencyTao Zhang0Zhigang Huang1Guangxi Key Laboratory of Trusted Software & Guangxi Key Laboratory of Cryptography and Information Security, Guilin University of Electronic Technology, Guilin, China; School of Cyber Science and Technology, Beihang University, Beijing, China; Corresponding author at: School of Cyber Science and Technology, Beihang University, Beijing, China.Fujian Provincial Key Laboratory of Financial Science and Technology Innovation, Fuzhou University, Fuzhou, ChinaWith the development of blockchain and digital currencies, central banks all over the world are accelerating the process of CBDC development. However, it is still controversial on adoption of blockchain in CBDC design. In the paper, we analyze both functional and non-functional requirements of CBDC design, and make a literature review on blockchain based CBDC schemes. Analysis findings show that permissioned blockchain is more suitable for CBDC than permissionless blockchain. Besides, there are some challenges in blockchain based CBDC, such as performance, scalability, and cross-chain interoperability. Our analysis is timely and can provide guidelines for blockchain based CBDC design.http://www.sciencedirect.com/science/article/pii/S2405959521001399Central bank digital currencyCBDCFiat moneyDistributed ledgerBlockchain |
| spellingShingle | Tao Zhang Zhigang Huang Blockchain and central bank digital currency ICT Express Central bank digital currency CBDC Fiat money Distributed ledger Blockchain |
| title | Blockchain and central bank digital currency |
| title_full | Blockchain and central bank digital currency |
| title_fullStr | Blockchain and central bank digital currency |
| title_full_unstemmed | Blockchain and central bank digital currency |
| title_short | Blockchain and central bank digital currency |
| title_sort | blockchain and central bank digital currency |
| topic | Central bank digital currency CBDC Fiat money Distributed ledger Blockchain |
| url | http://www.sciencedirect.com/science/article/pii/S2405959521001399 |
| work_keys_str_mv | AT taozhang blockchainandcentralbankdigitalcurrency AT zhiganghuang blockchainandcentralbankdigitalcurrency |