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JAIT 2025 Vol.16(2): 198-203
doi: 10.12720/jait.16.2.198-203

Development of DLT-Based Central Bank Digital Currency Prototype on Corda Network

Georgii Rulev * and Vasilii Krikunov
Moscow Institute of Physics and Technology, Moscow, Russia
Email: rulev.gk@phystech.edu (G.R.); krikunov.vv@phystech.edu (V.K.)
*Corresponding author

Manuscript received July 1, 2024; revised July 22, 2024; accepted July 30, 2024; published February 10, 2025.

Abstract—The article showcases the outcomes of developing a pilot platform for a Central Bank Digital Currency (CBDC) using the R3 Corda development environment. Additionally, it presents a global architecture for CBDCs within which the developed pilot solution can be applied. The developed pilot solution encompasses a set of implemented mechanisms, such as token issuance (utilizing the UTXO model, where UTXO stands for Unspent Transaction Output), transactions (consensus mechanism ), and token distribution among participant nodes. The pilot platform is comprehensively described through functional and technical architecture (including participant environment, nodes, Distributed Ledger Technology (DLT) architectures), interaction structures, and token structures. Additionally, the code of key implemented mechanisms is detailed in Section VI. The proposed model of the global architecture for Central Bank Digital Currencies (CBDCs) is outlined in Section V and encompasses not only the structure for constructing such large-scale systems but also the potential technological stack for implementing individual components and layers of the architecture. Global architecture is grounded on analysis of already piloted CBDC systems while also addressing future requirements concerning security, load capacity, resilience, and interoperability. Additionally, it anticipates the possibility of integration with existing payment mechanisms and with other CBDC systems developed on alternative technological platforms such as Hyperledger, E-Currency, and others. This article showcases the latest advancements in constructing high-transaction systems based on distributed ledgers. The pilot platform described in this article has validated the feasibility of employing the proposed methods, and its core can be reused for industrial implementation by Central Banks globally.
 
Keywords—central bank digital currency, Distributed Ledger Technology (DLT), Web3, corda, prototype

Cite: Georgii Rulev and Vasilii Krikunov, "Development of DLT-Based Central Bank Digital Currency Prototype on Corda Network," Journal of Advances in Information Technology, Vol. 16, No. 2, pp. 198-203, 2025. doi: 10.12720/jait.16.2.198-203

Copyright © 2025 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).