Looking at the blueprint of “super currency” through patents From Central bank digital currency
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The central bank has been studying the legal digital currency for a long time and will be launched soon. The people’s Bank of China (hereinafter referred to as the “central bank”) has started to study legal digital currency since 2014. At the end of 2019, Caijing said that the digital currency electronic payment (DCEP) of the people’s Bank of China (DCEP) is being piloted in Shenzhen and is about to step into life application scenarios. In January 2020, the central bank said that it had basically completed the top-level design, standard formulation, functional research and development, joint testing and other work of legal digital currency. In April, it also stated that it would firmly recommend DCEP research and development. In the first two special reports of DCEP, we analyzed the positioning of DCEP and its impact on the electronic payment industry. This paper focuses on the patent of the central bank. According to our statistics, since 2016, three institutions under the central bank have applied for 97 patents for digital currency
Service providers with payment experience and license are expected to become DCEP wallet operators. The market believes that DCEP adopts a “central bank commercial bank” double layer operation system, and institutions other than commercial banks can not participate. According to the patent of the central bank, we find that the “wallet” of DCEP can realize transfer, payment and other functions without directly relying on bank account. We believe that service providers with payment experience and license are expected to get involved in the DCEP industry chain and charge service fees.
DCEP may load smart contract functions to achieve targeted distribution and monitoring. The market believes that DCEP is just a digital currency. We believe that the market has underestimated the vision and possible landing effect of DCEP. The positioning of the central bank’s digital currency is digital cash. One of the purposes of its issuance is to solve the problem that physical cash is difficult to be monitored. According to the patent submitted by the central bank, in order to achieve this purpose, DCEP may be loaded with smart contract function, which makes DCEP effective only when certain conditions (such as specific economic state, time point, interest rate, flow to the main body) are met.
The carrier of DCEP may include chip smart card. The market believes that the carrier of DCEP is only app. According to the patent of the central bank, we believe that the central bank may also consider carriers such as chip smart cards, especially in the scheme submitted by the central bank Printing Technology Research Institute. If so, chip manufacturers with secure storage will also benefit.
The opportunities of DCEP in transaction security and application development can not be ignored. The market believes that the investment opportunities of DCEP industry chain are only in the fields of identity authentication and payment services. We believe that the opportunities in transaction security and application development can not be ignored. For example, because DCEP is safer than commercial bank deposits, but the face value is the same, there may be an over-the-counter market for DCEP, which deserves attention. In addition, according to the discussion of Yao Qian, director of the Institute of digital currency of the central bank and relevant patents of the central bank, DCEP may participate in matching investment and financing or other application scenarios, so manufacturers should pay close attention to such opportunities.
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