In this article you will get to know what does Central Bank Digital Currency phrase really mean, why it is important and what can we expect in the future of this technology. I will try to be as clear as possible as but sometimes technical and economical phrases are required. Central Banks have been considering to issue some kind of digital currency since the late 20th century. In the last couple of years the debate about digital currencies started the shift from a mainly theoretical and subsidiary topic to a realistic alternative of the current fiat money which can be introduced basically whenever a central bank is ready to take this huge leap into the unknown. Why do we need it - a general overview What changed in the last century or so that we could be this close to a monetary evolution or even a possible revolution? There are a handful of reasons why we are closer than ever to CBDCs, like Declining use of cash in the developed world, The financial sectors interest in technologica
Here you will learn about Corda technology which was developed by the company called R3. They made the Corda ecosystem specifically for financial institutions and their goal is to replace the outdated banking technologies. Corda, just like Blockchain, is using the so called Distributed Ledger Technology, but the whole interpretation of DLT is somewhat different to the traditional cryptocurrency technology, Blockchain. Firstly, one of the major difference between Corda and the Blockchain is that while the latter works with programming based smart contracts, Corda system uses regular "law" based contracts . One of the reasons behind this is to be compatible with the really strict regulations towards the financial institutions. The major information about these contracts are programmed into the so called States . For example, here is an IOU (I owe you), where Alice says that she will pay for Bob at a specific time. The major information could be the amount, de