CBDC | Blockchain Infrastructure for Modern Banking

FEATURE

What is CBDC?

Central Bank Digital Currency (CBDC) refers to a digital representation of a nation's official currency, which is created and supervised by the central bank of that country. Unlike decentralized cryptocurrencies such as Bitcoin, CBDCs are centrally regulated and administered by a governing authority.
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CBDCs are supported by the full faith and credit of the central bank, making them legally recognized as a valid form of payment within the nation's borders. By introducing CBDCs, central banks aim to leverage the benefits of digital technology while maintaining control over monetary policy and ensuring the stability of the national currency.

Efficiency

Transactions can be settled in real-time, reducing the need for intermediaries and the time it takes for funds to move between accounts.

Reduced Transaction Costs

Eliminate the need for costly currency conversion and international wire transfers with digital currencies.

Transparency

Central banks can monitor and trace the flow of funds more effectively, which can help combat illegal activities like money laundering and tax evasion.

Policy Implementation

Central banks can program and set conditional payments directly on digital currency holdings, providing greater control over the money supply.

Security

CBDCs can incorporate advanced security features, making them more resistant to counterfeiting and fraud compared to physical banknotes and coins.

Financial Inclusion

CBDCs can help promote financial inclusion by providing access to digital financial services to individuals who may not have access to traditional banking systems.

CBDC for Central banks

Central Banking in the Digital Age

Spydra has extensive experience in implementing end to end CBDC platform for one of the largest democracies in the world. Our team of CBDC experts can work with Central Banks to research, design, develop, deploy and manage interoperable CBDC solutions at scale. Spydra can augment Central Bank teams to provide the following services:
- CBDC Concept Development
- Evaluation and Formalization of Technical Architecture
- DLT and Smart Contract Development
- Integration with existing Central Bank and Payment solutions
- Compliance with Security & Regulatory requirements
- Implementation of Pilot programmes and scaling up
- Interoperability with other CBDCs or national level Blockchain solutions

CBDC for Financial Institutions

Revolutionizing Finance for Institutions Worldwide

Embracing CBDCs can provide financial institutions with a range of benefits, from cost savings and efficiency improvements to new revenue opportunities and enhanced customer satisfaction. Being part of CBDC allows financial institutions to adapt to the digital era and position themselves as leaders in the evolving financial ecosystem.

CBDC Infrastructure Enablement

Banks need to host Distributed Ledger Technology (DLT) related infrastructure on their premises to be part of the CBDC network.

The DLT layer in a CBDC system is crucial and serves several purposes:
- Transaction Validation and Consensus
- Security
- Decentralisation
- Interoperability
- Smart Contracts
- Privacy

Easy Set-up

Efficiently get started with the CBDC platform and effortlessly establish a production-ready infrastructure.

Continous Monitoring

Early identification of any potential issues and comprehensive monitoring of the solution's health

Scalability

Efficiently scale Hyperledger Fabric and its associated components to effectively handle an increase in transaction volume.

Secure Operations

Configure the solution with secure default settings and regularly update it with security patches and updates.

Wallet as a Service

A pre-built wallet framework for banks to develop separate Central Bank Digital Currency (CBDC) wallets or incorporate wallet services into their existing applications.

Pre-built wallet framework which provides a lot of features out of the box:
- Onboarding users
- Fund the wallet with CBDC currency
- Send & Receive payment
- Interoperability with other payment infrastructure like UPI
- Merchant Discovery
- Utility services like Bill payments
- App Notifications
- Offline CBDC Payments
- Geo-fencing and enforcement of additional rules like transaction limits etc.

Rapid Integration

Banks can easily integrate the CBDC wallet framework into their systems, leveraging their existing infrastructure and resources.

End to End Support

Banks can rely on the framework's support team to address any issues or concerns that may arise during the implementation and operation of the CBDC wallets

Out of the box features

Wallet framework offers a range of features and benefits as mentioned above that can enhance the functionality and efficiency of the wallets.

Secure Operation

Configure the solution with secure default settings and regularly update it with security patches and updates.

WHY SPYDRA

Spydra has significant experience in implementing CBDCs and offers a comprehensive solution

CBDC Expertise

Spydra has extensive expertise in CBDC and Blockchain, with a team of experts who have actively worked on CBDC development and implementation projects, providing valuable insights into this technology.

One Stop Shop

Support services for deployment, enhancement and maintenance of all the components and integration with other Bank systems.

Secure, Reliable & Scalable

Spydra is an ISO 27001 certified organization. Secure configuration and operations of the overall solution. Assistance with scaling the solution with increase in CBDC transactions.

Customer Focus

Ensuring timely and accurate response results in maximizing solution uptime. Production system down.

Cost Effective

Faster response time with defined SLAs for any issues in production. Save up to 50% as compared to in-house team

What is CBDC?

Tokenize at scale with Spydra