Editor's Note: This article comes fromCaijingOnchain Finance (ID: CaijingOnchain), Author: Chen Yi, reproduced by Odaily with authorization.
Editor's Note: This article comes from
CaijingOnchain Finance (ID: CaijingOnchain)
CaijingOnchain Finance (ID: CaijingOnchain)
, Author: Chen Yi, reproduced by Odaily with authorization.
Caijing.com Chain Finance, May 15th, according to the US Patent and Trademark Office, the payment giant Visa has submitted a patent application for creating a central bank digital currency (CBDC) based on blockchain technology.
In the application, VISA cited Ethereum as a possible blockchain technology network. The patent discloses a specific process including the technology of the central entity computer accepting the request to issue digital currency and the operation.
It is understood that the central entity computer can generate digital currency corresponding to the denomination of the physical currency and link it to the serial number of the physical currency. After the digital currency is generated, the central entity computer will further record the digital currency on the blockchain . In addition, the central entity computer can also remove physical currency from the circulation channel of the fiat currency system.
The patent application shows that VISA filed the patent in November 2019.
On the specific operational level, the main operation process of this technology is as follows: the central entity computer receives a request for generating digital currency, the request includes the serial number of the physical currency and the denomination of the physical currency, and the specific operation is to receive a trusted certificate from the transaction processing network, And use trusted certificates to generate digital currency;
Digital currency corresponding to the denomination and linked to a serial number generated by a central entity computer;
Write the record of generating digital currency on the blockchain and verify it by multiple verification entities on the blockchain;
The central entity computer sends a notification of digital currency generation;
The corresponding physical currency is removed from the circulation field of the legal tender system by the central entity computer.
Additionally, the patent would associate the digital currency with the digital wallet using a stored private key, which would be stored on a chip in a smart card or on a secure element in a user device.
In the application, VISA stated that cryptocurrency systems have advantages over fiat currency systems. First of all, cryptocurrency remittances can also be faster than regular fiat currency remittances; secondly, based on the fact that some cryptocurrencies themselves are issued on the blockchain, and the blockchain has non-tamperable characteristics, users are more interested in such cryptocurrencies. will be more trustworthy.
But at the same time, VISA also pointed out that despite the above-mentioned advantages of the cryptocurrency system, cryptocurrencies are usually not regulated like legal tender, and the circulation of cryptocurrencies requires certain electronic equipment and hardware, and there may still be a part of the population without electronic equipment. , so it is impractical to completely convert a country's fiat currency system to a cryptocurrency system.
As a result, VISA has created a "serial number mechanism", which means that digital currency is associated with the serial number of physical currency, and supervision can use the serial number of physical currency to track digital currency.
