What is Digital Yuan and why is it getting integrated with Chinese Tech?
The Chinese homegrown business Chang’an chain will be integrated with digital yuan, following an agreement between the central bank Digital Currency Research Institute and Beijing Academy of Blockchain and Edge Computing.
China’s central bank digital currency does not use blockchain at its core since the technology is considered unadaptable.
The collaboration goal is to use digital currency as smart money and add programmable characteristics. The organizations plan to explore new transactions and other business models.
Additional details were given, but the interesting fact is that the new Chang’an Chain was founded in late January. It looked as if it was the national blockchain technology.
It has claimed that the state-backed enterprise blockchain is capable of 1,00,000 transactions per second. They achieve these rates by executing transactions. They also have quantum-proof encryption algorithms.
The solution had its hardware, which includes a 96-core blockchain chip and is based on the RISC-V instruction set. This allows the execution of smart contracts and chips, which is secured isolation.
BABEC is the Chang’an Chain Ecosystem Alliance founder, which has 27 organizations, to name a few are, China Construction Bank, Digital Currency Research Institute, and many more.
The Chang’an Chain of technology was developed by BABEC, Tsinghua University in Beijing, and the University of Aeronautics.
China Construction Bank revealed their first Chang’an applications, a supply chain finance solution. And another is a trading application from State Grid Corporation of China.
Chang’an chain’s name trope for long-term stability, creating greater standards and linking it with the world.