CITIC Construction Investment Securities: Financial Distributed Ledger Standards Settled to Boost Blockchain and Digital Currency Industry Development

According to financial industry news, CITIC Securities believes that under the prospect of DC / EP issuance, companies focusing on the bank's IT system transformation, alliance chain construction, certification transformation, and payment clearing are expected to benefit.

1. Central bank and commercial bank IT system transformation: The central bank's digital currency will adopt a "central bank-commercial bank" two-tier structure. Under the central bank's digital currency system architecture, commercial banks will need to transform the core system, establish their bank vaults and save DCs. / EP, and jointly establish a distributed ledger to register DC / EP ownership information with the central bank. In the future, whether it is to set up sub-accounts under the original AB account structure or to add a new digital currency traceability system, there will be a need for system upgrades on the commercial bank side. At the same time, a similar alliance chain structure will be formed between the central bank and commercial banks, and there may be a need for alliance chain construction, so digital certificate and encryption link vendors are expected to benefit;

2. In the payment link, in order to meet the demand for digital currency dual-offline payment, new payment terminals need to be deployed in the merchant retail scene, so vendors that provide payment terminals are expected to benefit;

3.DC / EP hardware wallets: Banks are currently considering launching hardware wallets, which may be in the form of SIM cards, U disks, fingerprint cards, etc. Hardware wallet vendors are expected to benefit.