Digital RMB has the same characteristics as blockchain technology, such as traceability and non-tampering, but digital RMB only draws on blockchain technology. As legal tender, one of the main features of digital RMB is centralized management mode, and one of the core features of blockchain is decentralization.
Digital currency countries that have released blockchain technology include Iranian, Ecuadorian, Uruguayan and Senegalese. But these digital currency countries are not universal. In September 2020, executives of major European central banks said that if central banks around the world want to issue digital currency, they actually don't need to use blockchain technology. In the case of digital currency, the central bank provided "trust", so after the intervention of the central bank, there is no need to use blockchain technology.
In the financial field, blockchain technology has been applied experimentally or in a small scale in digital currency, payment and settlement, digital bills, bank credit management and so on.
2. The core elements of the digital RMB system framework are "one currency, two banks and three centers".
According to the prototype concept of China's legal digital currency, the core element of the digital RMB system framework is "one currency, two lines and three centers". Among them, "one currency" refers to the central bank digital currency; The "two libraries" refer to the digital currency issuing library (the database of the central bank's digital currency issuing fund) and the digital currency bank library (the database of the commercial bank storing the central bank's digital currency); The "three centers" refer to the authentication center (responsible for identity information management), the registration center (responsible for digital currency ownership registration) and the big data distribution center (responsible for anti-money laundering and payment behavior analysis).
3. Blockchain is characterized by distribution and decentralization.
Digital RMB is often compared with cryptocurrencies such as Bitcoin and Ethereum, which use blockchain technology. Broadly speaking, blockchain technology is a brand-new distributed infrastructure and computing method. It uses blockchain data structure to verify and store data, uses distributed node identification algorithm to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses intelligent contracts composed of automated script codes to program and manipulate data.