Chinese enterprise blockchain integrates with digital yuan

Friday 5 March 2021 09:19 CET | News

China’s central bank has announced that a new Chinese homegrown enterprise blockchain, Chang’an Chain, will be integrated with the digital yuan.

This follows an agreement between the central bank’s Digital Currency Research Institute and the Beijing Academy of Blockchain and Edge Computing (BABEC). China’s central bank digital currency (CBDC) does not use blockchain at its core because the technology was deemed to be insufficiently scalable.

The blockchain collaboration aims to use the digital currency as smart money by adding programmable characteristics. Together the organisations plan to explore new transaction and business models.

It’s claimed that the state-backed modular enterprise blockchain is capable of 100,000 transactions per second. It achieves these rates by executing transactions in parallel. Additionally, it has quantum-proof encryption algorithms.

The solution comes with its own hardware, including a 96-core blockchain chip based on the RISC-V instruction set. This enables parallel execution of smart contracts and the chip has ‘physical security isolation’.

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Keywords: CBDC, blockchain, central bank, digital currency, cryptocurrency, crypto asset
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: China
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