Digital RMB payment works on behalf of others! Discover the benefits of integrating blockchain and digital renminbi

On September 10, Di Kang, Vice President of Financial Institutions of China Digital Currency Research Institute, said at the side forum of China (Beijing) Digital Finance Forum 2021 that "blockchain is driving growth healthy digital marketing". The Central Bank's Digital Currency Lab is exploring applications for the digital RMB blockchain. In the past, Xiongan New Area has used funds to pay for blockchain systems to track developer salaries. This process not only reduces the cost of payment, but also makes the exchange of information public and transparent, thereby increasing the reliability and security of the business.

The blockchain principle applied to the digital renminbi

The blockchain payment system is a blockchain-based system that uses digital renminbi to recognize exchange rates and has the features of distribution, anonymity, P2P exchange and blockchain.sim payment.

1. Menu

A distributed file list is a list of files distributed across multiple nodes, where each node stores a copy of the list and shares information about the list. When the renminbi is added to the blockchain, it can not only identify the benefits of digital record, but also improve the security of information and systems, as well as the storage of archive data from different servers, thus creating a system distributed and distributed. Banking network to ensure transparent information.

2. Industry P2P

The decentralization of the blockchain means that it is not managed by a server, all are equal, and jointly manages the information information of the entire network node. Moreover, all these follow the rules of the cryptographic algorithm and do not require the approval of any third party or fiduciary. Through this project, the digital renminbi can be exchanged directly for P2P, knowing the exchange of information and the price.

3. Smart contracts

Simply put, a smart contract is a digital contract that uses a process to create a contract and submit it to the blockchain to meet requirements. When allocating RMB transactions, the developer initiates payments and contracts in the blockchain system and uploads the developer's wallet ID, funds, and other information to the chain. Enterprise security, during the transaction, the bill transfer system is broadcast throughout the network to ensure that the data transfer process is difficult to tamper with. After the transaction, the smart contract is completed and RMB digital exchange is possible. From portfolio designer to portfolio designer. In the process, both parties directly change the value of the digital renminbi, thereby reducing the cost of intermediate connections and immediately recognizing point-to-point.

Advantages of Blockchain Digital RMB

Compared with existing electronic payment services such as WeChat and Alipay, digital yuan can provide services such as storage, payment and query from wallet without any hassle for the bank. When exchanging money, digital RMB supports offline payments. Users only need to scan, send money, tap and other exchange transactions, avoid delays in account arrival due to network outage, and know that "business is payment ". ".

Additionally, Renminbi digital wallets have lower requirements for users and users do not need to have true name recognition, which reduces the risk of data being sent by users, banks, third parties and other institutions. With the support of blockchain technology, the quality of the digital renminbi has become increasingly important. Besides payments, blockchain application scenarios have extended to financial markets, such as cross-border payments and home loans. In a nutshell, blockchain technology creates trust in the environment for us, improves asset visibility and accuracy, and strengthens data and information security.