The Central Clearing Company is actively promoting the implementation and standardization of blockchain digital bond projects

Odaily News The national science and technology journal "Financial Electronicization" under the supervision of the People's Bank of China published an article in the second half of August 2024 titled "Exploring Blockchain Digital Bond Innovation to Promote the Standardization of Practical Experience". The author of the article is the China Bond Blockchain Digital Bond Project Team of the Central Government Depository and Clearing Co., Ltd. The article states: As a national blockchain innovation application pilot unit, the Central Government Depository and Clearing Co., Ltd. is actively promoting the implementation and standardization of blockchain digital bond projects. Special standards should be summarized and formed in a timely manner, striving to achieve replicable and popularizable experience and practices, and promote the formation and standardized development of the industry ecology. Since 2018, blockchain technology has been explored, and the first blockchain digital bond issuance platform in China will be launched in 2021, and system functions and cross-chain interoperability will be improved through continuous optimization. The platform has supported the issuance of multiple bonds, covering state-owned banks, securities companies and other institutions, promoting the integrated development of the digital economy and the real economy, while strengthening regulatory capabilities and industry norms. As the initiator of the alliance chain and the provider of system services, the Central Clearing Company is responsible for formulating business operation rules, establishing and improving the alliance governance mechanism, maintaining the safe and stable operation of the system, and exploring the effective coordination of the necessary centralized management principles stipulated by laws and regulations with technical architectures such as distributed ledgers, consensus algorithms, and smart contracts. The alliance chain does not change the statutory central property rights and member access management authority of the Central Clearing Company. It efficiently realizes the formation of consensus in business processes through smart contracts, and enhances the auditability, verifiability and multi-party supervision of the operations of the Central Clearing Company and market institutions through distributed ledgers and encryption algorithms. Under the premise of complying with the alliance system, market institutions should carry out business innovation in an orderly manner, provide useful feedback and cooperative supervision, and jointly promote the high-quality development of the bond market. (Xinhua Finance)