DCEP helps the development of blockchain industry

The People's Bank of China plans to launchCentral bank digital currency DCEP (Digital Currency Electronic Payment, digital currency electronic payment tool)In the process of intensive research and development, according to the article "Inventory of the Central Bank's 2019 Financial Technology" published by the central bank, we can learn that in 2019, the central bank basically completed the top-level design of the legal digital currency on the premise of insisting on two-tier operation, M0 replacement, and anonymity , standard formulation, functional research and development, joint debugging and testing, etc. Solidly carry out digital currency research, track and study the international frontier information of digital currency, and will soon enter the actual issuance stage.

As the first country to issue a central bank digital currency, the implementation of DCEP will have a profound impact on our country. In our previous article, we listed the impact of DCEP on my country's RMB internationalization, exchange rate policy, the Belt and Road Initiative, settlement system, financial policy, etc. However, as DCEP, which regards blockchain technology as an important source of technology, its impact on blockchain technology may be more direct and far-reaching.

Digital currency is closely related to blockchain. Although digital currency has been researched and developed before blockchain technology, the emergence of blockchain technology has really promoted the implementation of digital currency, represented by Bitcoin. Digital currency is one of the products of blockchain technology.

With the promotion and influence of digital currency, blockchain technology has received great attention at the national level. my country has determined to vigorously develop high-tech industries with blockchain technology as the core, and various regions have also given policy and industrial support. At the same time, many potential application scenarios have been derived from the repeated fermentation of the market.

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DCEP will promote the development of blockchain applications

According to the patents of the four central bank institutions, blockchain technology is more used in the management of DCEP digital currency wallet addresses, the supervision of transaction information, and the transaction supervision of digital bills. For example: blockchain is used for the management of DCEP digital currency wallet address

According to the patent information, through the smart contract, the transaction request initiated by the transaction party based on the wallet address is verified. If the verification is confirmed to pass, the wallet address is updated and saved to the smart contract, so that subsequent transactions can be based on the new wallet address. round of deals.

Since the original wallet address is updated, the binding relationship between the original wallet address and the real identity information of the transaction party is forcibly cut off. Therefore, even if the original wallet address is tracked by the outside world, it is impossible to view the transaction through the original wallet address. The privacy corresponding to the party's real identity information effectively protects the user's privacy.

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DCEP promotes the development of the blockchain industry

Since the Politburo Blockchain Study Conference on October 24, 2018, my country has increased its investment in the blockchain industry and technology, but for many people, blockchain technology is still an unfamiliar term, and it is difficult to understand what is being said. After the announcement of the "Top Ten Keywords of 2019", many people have doubts about the "blockchain" among them.

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DCEP will be applied to the blockchain settlement system

The essence of the blockchain is a bookkeeping method that enables parties who do not trust each other to trust each other through a consensus mechanism. But just like accounting and bookkeeping, clear and correct accounts do not mean that the underlying business can stand the test. At present, the main application scenario of the blockchain is to ensure the security of the information after it is "on the chain", so as to achieve the purpose of not being tampered with.

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