A SURVEY A HYBRID MODEL FOR CENTRAL BANK DIGITAL CURRENCY BASED ON BLOCKCHAIN

AUTHOR(S)

A.Naveenkanth, Ms.B.Deepa

DOI: https://doi.org/10.46647/ijetms.2023.v07i02.078

ABSTRACT
With the development of blockchain technology, research on digital currency is gaining popularity, especially Central Bank Digital Currency (CBDC), which is essential to the growth of a nation's economy. However, CBDC requires a more complicated system than other crypto currencies do. a stronger focus on supervision and controllable decentralization Therefore, the technical foundation that is in accordance with economic ecology, efficient consensus methods, and network architecture that conserves computer resources are essential elements of CBDC. In this study, we propose a modularity network-enabled hybrid blockchain system for CBDC. Common digital currencies are recorded using the account system, especially for numerous small payment transactions, whereas digital assets and smart contracts with major value fluctuations and low liquidity are recorded using the Unspent Transaction Output (UTXO) scheme. To boost the concurrency of this structured network, a sliced data storage solution is developed, and a modular blockchain design is recommended. The DPOS-BFT technique is enhanced based on the block chain’s CBDC supervision mode, which condenses the original algorithm's two rounds of consensus into a single round. The effectiveness of this approach in speeding up consensus and transaction processing is shown in three simulated studies on scheme, network, and consensus.

Page No: 726 - 739

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How to Cite This Article:
A.Naveenkanth, Ms.B.Deepa . A SURVEY A HYBRID MODEL FOR CENTRAL BANK DIGITAL CURRENCY BASED ON BLOCKCHAIN . ijetms;7(2):726-739. DOI: 10.46647/ijetms.2023.v07i02.078