Permission Blockchain Network based Central Bank Digital Currency

Bhawana,; Kumar, Sushil

doi:10.1109/gucon50781.2021.9574020

Cited by 10 publications

(5 citation statements)

References 11 publications

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“…The report outlines four defining properties of money: issuer (central bank or not), form (digital or physical), accessibility (wide or narrow), and technology (peer-to-peer tokens or accounts). The advent of CBDCS stands as a crucial milestone in the evolution of banking and payment systems (Bhawana & Kumar, 2021). According to (Ozili, 2022), CBDC is essentially the digital counterpart of a fiat currency.…”

Section: What Is Cbdc?mentioning

confidence: 99%

Central Bank Digital Currency: Driving the Shift Towards a Global Cashless Society

2024

IJFMR

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The evolution of money from traditional physical cash to Digital Currency marks a significant paradigm shift in the global financial landscape. This conceptual paper provides an overview of the emerging form of central bank money known as Central Bank Digital Currency (CBDC) and its progression amidst the digitalization era. It discusses the transition from cash to CBDC, exploring global advancements and initiatives. Drawing upon existing literature, it comprehensively addresses CBDC's forms, features, types, motivations, and implications. Specifically, it emphasizes the practical application of CBDC through pilot projects in India, highlighting the interoperability of Unified Payments Interface (UPI) with CBDC, a significant step towards adoption by the Reserve Bank of India (RBI). This study contributes to existing literature by highlighting the necessity for further research to understand the complexities and implications of CBDC adoption, crucial for its widespread acceptance. It underscores the imperative need for additional research and practical exploration to fully understand the ramifications of CBDC adoption, particularly within the Indian context and beyond.

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Section: What Is Cbdc?mentioning

confidence: 99%

Central Bank Digital Currency: Driving the Shift Towards a Global Cashless Society

2024

IJFMR

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“…Blockchain has shown many benefits among current CBDC projects worldwide [4], [11], [12], [16], [17]. For example, peer-to-peer payments could save liquidity and improve efficiency in cross-border transactions [18].…”

Section: Background a Blockchain And Consensus Algorithmmentioning

confidence: 99%

“…Different components together can build one consen- 3 High means the component has a relatively positive impact on the system feature. 4 Medium means the component has no impact or relatively medium impact on the system feature. 5 Low means the component has a relatively negative impact on the system feature.…”

Section: ) Consensus Algorithmmentioning

confidence: 99%

CEV Framework: A Central Bank Digital Currency Evaluation and Verification Framework With a Focus on Consensus Algorithms and Operating Architectures

Jin¹,

Xia²

2022

IEEE Access

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We propose a Central Bank Digital Currency Evaluation and Verification (CEV) Framework for recommending and verifying technical solutions in the central bank digital currency (CBDC) system. We demonstrate two sub-frameworks: an evaluation sub-framework that provides consensus algorithm and operating architecture solutions and a verification sub-framework that validates the proposed solutions. Our framework offers a universal CBDC solution that is compatible with different national economic and regulatory regimes. The evaluation sub-framework generates customized solutions by splitting the consensus algorithms into several components and analyzing their impacts on CBDC systems. CBDC design involves a trade-off between system features -the consensus algorithm can not achieve all system features simultaneously. However, we also improve the operating architectures to compensate for the weak system features. The verification sub-framework helps verify our proposed solution through empirical experiments and formal proof. Our framework offers CBDC designers the flexibility to iteratively tune the trade-off between CBDC system features for the desired solution. To the best of our knowledge, we are the first to propose a framework to recommend and verify CBDC technical solutions.

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“…While the former has gained a lot of attention for industrial IoT applications [65], the latter has been mostly considered the fastest solution for implementation of CBDC (Central Bank Digital Currency) [66].…”

Section: Blockchain Consensus Algorithmsmentioning

confidence: 99%

Blockchain-Empowered Service Management for the Decentralized Metaverse of Things

et al. 2022

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The future of networking will be driven by the current emerging trends of combining the physical and virtual realities in cyberspace. Considering the ambient pandemic challenges, the role of virtual and augmented reality will definitely grow over time by transforming into the paradigm of the Metaverse of Things, where each person, thing or other entity will simultaneously exist within multiple synchronized realities. In this paper, we propose a novel framework for future metaverse applications composed of multiple synchronized data flows from multiple operators through multiple wearable devices and with different quality requirements. A new service quality model is proposed based on a customizable utility function for each individual data flow. The proposed approach is based on dynamic fine-grained data flow allocation and service selection using non-fungible tokens, which can be traded over the blockchain among users and operators in a decentralized mobile network environment.

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Permission Blockchain Network based Central Bank Digital Currency

Cited by 10 publications

References 11 publications

Central Bank Digital Currency: Driving the Shift Towards a Global Cashless Society

Central Bank Digital Currency: Driving the Shift Towards a Global Cashless Society

CEV Framework: A Central Bank Digital Currency Evaluation and Verification Framework With a Focus on Consensus Algorithms and Operating Architectures

Blockchain-Empowered Service Management for the Decentralized Metaverse of Things

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