Abstract
The present disclosure relates to a device and method for accepting CBDC in payment networks. Initially an authorizing entity communicates with an interaction module to complete onboarding process. Further, the user also communicates with interaction module via the authorizing entity to perform the onboarding process. The interaction module transmits the onboard request to the blockchain network. Further the blockchain network provides a wallet identifier and the private key for the authorizing entity and the user. The interaction module stores the wallet identifier and the private key of the authoring entity and the user in a secure vault. Upon the onboarding, the interaction module performs an authorization process when the user performs a transaction with the resource provider. Finally, the interaction module performs a settlement process, where the authorizing entity settles the transaction amount from the CBDC to fiat currency to the resource provider.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
GHOSH, PAMELA; MEYER, VANESA; and GU, WANYUN, "DEVICE AND METHOD FOR ACCEPTING CENTRAL BANK DIGITAL CURRENCY(CBDC) IN PAYMENT NETWORKS", Technical Disclosure Commons, (November 30, 2022)
https://www.tdcommons.org/dpubs_series/5542