New application of blockchain: digital currency model design in the context of Winter Olympics

Abstract

With the further expansion of blockchain application ecology, various applications and infrastructure around digital currency are constantly enriched and improved, and the whole market is booming along the healthy track. The Chinese government also attaches great importance to the development and application of block chain technology. President Xi Jinping stressed the importance of the block chain as an important breakthrough in the core technology independent innovation in the eighteenth collective learning of the Central Political Bureau. In October 2020, the pilot project of digital RMB will be launched in Shenzhen. Under the blockchain empowerment, the design, issuance and landing preparation of China's digital RMB have been in the forefront of the central bank's digital currency. Although the technical feature of blockchain is decentralization, the central bank can effectively integrate the distributed operation by using blockchain, so as to better realize the centralized management and control of digital currency. Taking the Beijing Olympic Games as an example, this paper analyzes the problems that may occur in the use of digital RMB in the Winter Olympics, puts forward an assumption of using digital currency based on partial decentralization, and puts forward the overall architecture design, and analyzes its feasibility and practicability.