Editor's Note: This article comes from01 Blockchain (ID: Binary010101), reproduced by Odaily with authorization.
Summary of the report:
Editor's Note: This article comes from
01 Blockchain (ID: Binary010101
01 Blockchain (ID: Binary010101
), reproduced by Odaily with authorization.
3. From 2019 to 2020, the Digital Currency Research Institute has signed strategic cooperation agreements with more than ten units including SenseTime and JD Digits. The cooperative institutions cover all aspects of exchange and circulation, and they are all leading companies in their fields.
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4. According to incomplete statistics, since 2019, at least 54 listed companies have publicly expressed their intention to participate or announced the progress of relevant research on interactive platforms such as Interactive Easy and Shanghai Stock Easy. Manufacturing companies are the mainstay, and the business areas can be roughly divided into six types: regulatory technology, security technology, banking technology, wallet and payment technology, traditional equipment transformation, and docking payment scenarios.Trial | Yu Baicheng, Jiang Zhaosheng1. Introduction to the Digital RMB Architecture(1) Overview of digital renminbi(2) How to issue digital renminbi(3) How to use digital RMB(1) The "National Team" of Digital RMB: Minting coins for the countryIntroduction
secondary titleIn October 2019, the 01 Blockchain Joint Digital Asset Research Institute releasedand"RMB 3.0: China's Central Bank's Digital Currency Operational Framework and Technical Analysis"In 2020, countries have made great progress in the research of central bank digital currency, and China has also accelerated the promotion of digital renminbi. At the beginning of the year, major state-owned banks such as Agricultural Bank of China and China Construction Bank conducted multiple internal tests, and the Digital Currency Research Institute also signed strategic cooperation agreements with more than ten units; The true face gradually became clear, and it also aroused great public concern. However, the public still has many questions about digital renminbi. What exactly is digital renminbi? Why issue? How is it different from WeChat and Alipay? To this end, in November 2020, the 01 blockchain focused on the country, and the United Digital Assets Research Institute released"Overview of Digital RMB: Attributes, History, Motivation and Goals"
"The Challenges and Opportunities Faced by Third-Party Payments in the Digital RMB Era"The two reports provide an in-depth interpretation of the definition of digital renminbi, the motivation for its issuance, and its impact on third-party payments. As the digital renminbi research continues to advance, where will the digital renminbi be used in the future? Where will it develop? On the basis of the above research, this article hopes to describe the future industrial landscape of digital renminbi and provide a more comprehensive understanding of digital renminbi by sorting out the pilot situation of digital renminbi and the dynamics of relevant institutions.(1) Overview of digital renminbiDigital RMB, also known as the digital currency of the People's Bank of China, DC/EP, e-CNY, is a legal currency in digital form issued by the People's Bank of China, which is operated by designated operating agencies and exchanged to the public. The loosely coupled function of bank accounts is equivalent to banknotes and coins, has value characteristics and legal compensation, and supports controllable anonymity.
The above definition can be understood from four levels: (1) From the perspective of currency positioning, the digital renminbi is issued by the People’s Bank of China. It is a legal currency equivalent to banknotes and coins. It is positioned as cash in circulation (M0), which belongs to the basic In the category of currency, its legal status is the same as that of cash; (2) From the perspective of issuance management, the digital renminbi is issued centrally by the People's Bank of China, and the designated operating agency is responsible for the operation and exchange services of digital renminbi, and realizes controllable anonymity, which belongs to two-tier operation A hybrid central bank digital currency under the system; (3) From the perspective of the application customer base, the digital renminbi is issued to the public and can be widely used in various daily transaction scenarios of individuals and enterprises; (4) From the perspective of payment, the digital renminbi is based on digital It exists in form, has its own value, and is guaranteed by national credit to support loose coupling of bank accounts. Therefore, digital renminbi can be used as a means of digital payment and supports anonymous transactions to a certain extent.The release of digital renminbi adopts the same "central bank-commercial bank" dual model as banknotes, that is, a "two-tier operating system". The so-called two-tier operation system, as shown in Figure 1-1, can be roughly divided into the distribution layer and the distribution layer. The distribution layer needs to solve the problem of "how to distribute", while the distribution layer needs to solve the problem of "how to use". The problem.Figure 1-1 Two-tier operation system of digital RMBSource: 01 Blockchain is made according to the summary of public information
(2) How to issue digital renminbi
The main body of the delivery layer includes the People's Bank of China and designated institutions (currently the six state-owned banks of Industry, Agriculture, China, Construction, Communications, and Postal Savings Bank), which mainly solve the problem of "how to issue" to realize the definition of digital renminbi mentioned above The first two levels of currency positioning and issuance management.Table 1-1 One coin, two warehouses and three centers
Source: Yao Qian, "Central Bank Digital Currency Prototype System Experimental Research", 01 BlockchainFigure 1-2 is a reference prototype, which shows the general structure of the central bank and commercial banks for the central bank's digital currency. The launch, withdrawal, and traceability of digital renminbi must revolve around the core system of "one currency, two libraries, and three centers". (Follow-up 01 blockchain will conduct a detailed and in-depth interpretation of the digital renminbi issuance and operation system).Source: Yao Qian, "Central Bank Digital Currency Prototype System Experimental Research", 01 Blockchain
Furthermore, the delivery layer also needs to solve the problem of "how much to send". In the case of proper desensitization of data, the central bank can use big data and artificial intelligence technology to conduct detailed analysis of the issuance and circulation of digital renminbi, understand the specific operating rules of the monetary system, and provide guidance for precise control of the amount and frequency of currency release. At the same time, it can better meet the intervention needs of monetary policy, macro-prudential supervision and financial stability regulation. This is also an important significance of the digital renminbi issuance.To sum up, to solve the problem of "how to send" is to answer "what to send" and "how much to send" through a series of designs, and to realize the above design, it needs the support of multiple functional modules, such as transaction communication module, intelligent computing Modules, security modules, etc. Figure 1-3 shows the preliminary framework, and each module will be further explained later.Figure 1-3 Reference Prototype and Functional Modules of the Central Bank’s Digital Currency Core SystemSource: Yao Qian, "Central Bank Digital Currency Prototype System Experimental Research", 01 Blockchain
(3) How to use digital RMB
"How to issue" is a problem that needs to be solved by the delivery layer, and it is more considered from the perspective of the central bank. "How to use" is a problem closely related to the public, which is mainly determined by the designated operating agencies of the circulation layer and other third-party commercial organizations. Responsible for market-oriented design and operation, and ultimately serve the public and the real economy industry.Figure 1-4 Reference prototype of circulation layer
Source: 01 Blockchain is made according to the summary of public informationTable 1-2 Comparison of digital RMB and other payment methods
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Source: 01 Blockchain, Zero One Think TankTable 1-3 Comparison of digital RMB and other payment methodsSource: 01 Blockchain, Zero One Think TankA further comparison of the evaluation results shows the advantages of digital renminbi: compared with cash, digital renminbi effectively improves transaction convenience, security and operational efficiency on the basis of ensuring credit rating and payment service availability; For third-party payment, the digital renminbi effectively reduces the potential risk of default and improves the inclusiveness of payment. However, the relevant equipment has not yet been transformed. Due to the influence of the network externalities of payment services, third-party payment is still a problem for many The first choice for people to pay; Compared with the current digital currencies that have attracted much attention-Bitcoin and Libra, the legality of digital RMB is the biggest difference, which can ensure the safety and convenience of transactions and maintain the stability of value.Source: 01 Blockchain, Zero One Think Tank
Secondly, "how to use it specifically" needs to clarify the payment method of digital renminbi, that is, how the public uses it. Zhou Xiaochuan, the former governor of the People's Bank of China, said that there are currently five technical solutions for the central bank's digital currency electronic payment: one is an account-based electronic wallet that can support short-range and long-distance transactions; the other is a barcode payment solution , including the QR code payment that is widely used now; the third is to use NFC (standard near-field communication) for close-contact transactions, similar to ApplePay, Huawei Pay, etc.; the fourth is the bank card in the mobile phone, including through the POS machine, the second Credit cards paid by QR code or NFC, and UnionPay QuickPass; the fifth is prepaid cards, such as Hong Kong's Octopus electronic toll collection system based on IC cards.Figure 1-6 "Scan" payment
"Touch" is a short-range payment method using NFC technology, which can be done online or offline, but requires the mobile phone to be installed with a digital RMB hardware wallet. (On October 30, 2020, according to the official Weibo news of Huawei Terminal, Huawei Mate40 series is the first smartphone to support digital RMB hardware wallets.) Online, you can use POS machines or dedicated chips for payment, as shown in Figure 1- 7. The user opens the digital RMB APP, clicks on the setting interface to open NFC, and uses the mobile phone to lightly "touch" the sensing area of the merchant's POS machine to realize the payment; Figure 1-8 shows the payment scene of the chip sensing area.
Figure 1-7 Merchants use POS machines to collect money by "touch"
Figure 1-8 Touch the sensing area
Figure 1-9 Digital RMB Offline "Touch" Payment
Figure 1-10 Digital RMB online payment
In order to support this payment method and build a suitable financial system around these payment methods, circulation institutions must make corresponding technological changes. Including bank core systems, databases, POS machines, etc., the business processes of related industries will also change. For example, the credit industry can use the more detailed transaction data approved by the central bank to provide more reasonable user credit evaluation for the credit industry. The specific transformation content can be divided into four parts: security guarantee module, system transformation module, transaction terminal module and payment technology module.Source: 01 Blockchain is made according to the summary of public information
(4) Summary of digital renminbi characteristics and technical frameworkTable 1-4 Features of digital RMB
At the same time, by combining Figure 1-3 and Figure 1-11, we can sort out the simple framework of the digital RMB system and the functional modules required by each part. From the perspective of the simple framework, at least seven functional modules are needed to support the operation of the digital RMB system. From the user terminal to the central bank system, there are transaction terminal modules, payment technology modules, system transformation modules, trusted service management modules, and transaction communication modules. and intelligent computing module, the functions of each module are shown in Table 1-5. Each functional module will be the basis for building a digital RMB industry chain.
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Source: 01 Blockchain is made according to the summary of public information
Through the above combing, we can basically understand the basic framework of the digital RMB industry landscape: issuance and circulation + transaction scenarios + technological innovation + equipment transformation. Next, we discuss possible participating units for each part.
Several trials of digital renminbiIn the related news, we can preliminarily sort out some participants, as shown in the following table 2-1, but at present, it only constitutes a preliminary chain of "issue-circulation-transaction scene", and the entire industry picture is not perfect, and further research and exploration are needed.Table 2-1 Initial participants in the digital RMB industry landscapeSource: 01 Blockchain based on public information
(1) The "National Team" of Digital RMB: Minting coins for the country
We start from the Digital Currency Research Institute of the People's Bank of China. As the core research institution of digital renminbi, the Digital Currency Research Institute is related to the overall architecture design of digital renminbi and the construction of the industrial chain and payment ecology. However, the Digital Currency Research Institute is not the only official research institution for digital renminbi. Judging from the financial technology companies established by the People's Bank of China and its subordinate units, in addition to the Digital Currency Research Institute, it also includes Shenzhen Financial Technology Co., Ltd., Yangtze River Delta Financial Technology Co., Ltd. Company, Chengfang Financial Technology Co., Ltd. and Nanjing Financial Technology Research and Innovation Center, etc.; from the perspective of "digital currency" related patents, there are four main official institutions involved: the Digital Currency Research Institute of the People's Bank of China (55 items), the People's Bank of China Bank Printing Science and Technology Research Institute (22 projects), Zhongchao Credit Card Industry Development Co., Ltd. Hangzhou Blockchain Technology Research Institute (6 projects), Zhongchao Credit Card Industry Development Co., Ltd. Beijing Smart Card Technology Research Institute (4 projects). Relevant information also shows that the above-mentioned institutions have participated in digital RMB-related research.Therefore, from the level of official institutions, we can sort out the participants shown in Table 2-2 below, mainly undertaking the core research work of digital RMB. Six of these institutions were established after 2017 and are concentrated in Beijing and Guangdong. And the Jiangsu and Zhejiang regions are the areas where the digital renminbi took the lead in piloting.Source: 01 Blockchain based on public information
In addition to official research institutions, in 2019-2020, the Institute of Digital Currency signed cooperation agreements with a number of units, as shown in Tables 2-3 and 2-4. We found that many units that appeared in the red envelope pilot later had strategic cooperation agreements with Mathematics Research Institute in advance. Therefore, the selected "cooperation map" can also be regarded as the layout of Mathematics Research Institute in the promotion of digital renminbi.
Table 2-3 Summary of Strategic Cooperation Agreements of the Digital Currency Research Institute of the People's Bank of China
Source: 01 Blockchain, Zero One Think TankTable 2-4 Introduction of strategic cooperative enterprises of the Digital Currency Research Institute of the People's Bank of ChinaThrough sorting out the cooperation units, we can further find that the Institute of Mathematics has careful consideration in the selection of cooperation units.First of all, the cooperative institutions cover all aspects of exchange and circulation. From the level of software and hardware technology upgrades, three companies, Huawei, SenseTime, and JD Digits, have been selected to conduct research on digital RMB payment hardware, intelligent algorithms, and software development; in terms of payment ecology, choose Four institutions including Lakala, UnionPay Commercial, City Bank Clearing and Rural Credit Bank, and cooperated with the Hong Kong Monetary Authority to conduct research on cross-border transactions; in the selection of payment scenarios, Didi, Meituan, Bilibili, and ByteDance And the five units of State Grid cover catering, entertainment, living payment, daily travel and other aspects. A relatively complete implementation framework for digital renminbi has been constructed through the cooperation map.
Secondly, select leading enterprises in each link, and the leading enterprises will drive the relevant industrial chain. In terms of the selection of specific units, the partners of the Institute of Mathematics are all representative and influential units in the corresponding fields. From the perspective of technological innovation, enterprises such as Huawei and SenseTime have relatively well-established industrial chains and innovative strengths. It is obvious to all; From the perspective of payment scenarios, Didi, Meituan, and ByteDance all have a huge customer base and can quickly expand the application group of digital RMB; in terms of payment ecological construction, City Bank Clearing and Rural Credit Bank can respectively connect For urban and rural financial institutions, the Hong Kong Monetary Authority also has a large-scale cross-border payment business; in terms of talent training, Shanghai Changning District is an area that pays more attention to the development of financial technology. The cooperation between the Institute of Mathematics and Changning District can help Better use of local university resources, on the other hand, can also directly promote the digital renminbi pilot in Shanghai.Through the above-mentioned research institutions, cooperative enterprises and other participants, we can initially sort out the industrial landscape of digital renminbi.Figure 2-1 Preliminary Industry Landscape of Digital RMBSource: 01 Blockchain is compiled and produced based on public information(3) Construction of digital renminbi industry chain: only owes Dongfeng
However, the industry picture shown in Figure 2-1 is not perfect. According to the above analysis, the research and promotion of digital RMB still needs to build multiple functional modules such as payment terminals and security guarantees. Directly connect to the industrial chain of the public. In order to further explore the participants in the digital RMB industry chain, we combed through more than 3,000 replies to digital currencies from various companies on the Hudongyi and Shanghai Securities Yi platforms, and found that at least 54 listed companies have publicly expressed their intention to participate or published relevant research results. Progress (does not constitute investment advice, other listed companies concerned about digital renminbi are welcome to contact us). In general, it can be roughly divided into six types of enterprises: regulatory technology, security technology, banking technology, wallet and payment technology, traditional equipment transformation, and docking payment scenarios.Table 2-5 Listed companies that have expressed positive attitudes towards digital renminbi on interactive platformsSource: 01 Blockchain based on public information
(This section does not constitute investment advice)Table 2-6 Industries of listed companies in the digital RMB industry chain
Source: 01 Blockchain based on public informationTable 2-7 Regions of Listed Companies Related to the Digital RMB Industry Chain
Source: 01 Blockchain based on public informationFigure 2-2 Statements of various listed companiesSource: 01 blockchain organized according to public information
Based on the above analysis, assuming that all listed companies have the ability to launch related products, we can draw a relatively complete picture of the potential industry of digital RMB, as shown in Figure 2-3. According to the statements of Mu Changchun, Zhou Xiaochuan and others, private organizations can participate in the operation of infrastructure, and the digital renminbi adopts a technology-neutral and multi-plan parallel technology strategy. Enterprises that can provide more efficient services in a certain link of the industrial chain must will have a place. At present, the pilot process of digital renminbi has been significantly accelerated, and the competition in all links is not saturated. New technological innovations are constantly achieving results, new solutions are constantly being proposed, new challenges are constantly emerging, and official cooperation organizations are also increasing. It can be said that , leading companies in each segment of the industry chain can rely on their own technological advantages and customer base to find huge development opportunities, and small and micro enterprises can also find opportunities for transformation or take-off.
Figure 2-3 Digital RMB potential industry landscapeSource: 01 Blockchain is compiled and produced based on public informationFuture Prospects of Digital RMB Application and Industry ChainThrough sorting out the technical framework and potential participants, 01 Blockchain has drawn up the potential industrial landscape of digital renminbi for reference from all walks of life. The six pilot projects of digital renminbi have initially opened the curtain of digital renminbi application, and various technical details will be determined and announced in the future. Payment scenarios will also achieve full coverage of daily life. A new payment ecology is brewing, so We should look to the future on the basis of existing achievements, "we will be the top of the mountain, and see the mountains and small mountains." Every participant should have an overall understanding to look at the overall ecological picture and development of the digital renminbi after the curtain is opened. Thriving opportunity.The research and promotion of digital renminbi is a systematic project, which requires long-term unified planning and layout of government departments, as well as the efforts of various relevant units. The promotion of digital renminbi has not reached the level of blooming everywhere, and there are still many problems to be solved, but there are also major development opportunities in these problems. Each company needs to determine its position in the industry landscape as soon as possible, and clarify the competitors and competitors in the same link. Partners, identify their own competitive advantages, based on previously accumulated business experience and upstream and downstream partners, consolidate their position in the digital renminbi payment ecosystem, and also contribute to the promotion of digital renminbi.[1] Zero One Think Tank. "RMB 3.0: China's Central Bank Digital Currency Operational Framework and Technical Analysis"[2] Zero One Think Tank. "Overview of Digital RMB: Attributes, History, Motivation and Goals"[3] Zero One Think Tank. "The Digital RMB Era, Challenges and Opportunities Facing Third-Party Payments"[4] Yao Qian. Prototype Conception of China’s Legal Digital Currency [J]. China Finance, 2016(17): 12-15.Tianxing Digital Technology Research Center. Central Bank Digital Currency Research Report[14] Surging News.[EB/OL].
