Chinese Central Bank Has Developed the "mBridge Ledger" Blockchain, Supporting the Function of Atomic Payments

November 3 (ChainDD) Changchun Mu, director of the Digital Currency Research Institute of the People's Bank of China (PBOC), introduced the technical architecture and privacy architecture design of the Multilateral Central Bank Digital Currency Bridge (mBridge) project at the Money Bridge Symposium of Hong Kong Fintech Week.

At the core of the mBridge platform is a blockchain developed specifically for it - mBridge Ledger or mBL - that supports atomic payment and forex simultaneous settlement services, wallet management and privacy protection controls.

Through a pseudonym mechanism implemented by randomly generated key pairs, the mBridge platform ensures that for a single cross-border transaction, only the counterparty and the corresponding central bank/monetary authority can know the transaction details.