In this model, one can send a direct claim to the central bank,

whereas the real-time payments are handled by intermediaries.

18.3.2 Blockchain & DLT Platforms

R3 Corda, that was initially designed to handle DLT use cases,

especially in the financial industry, today has emerged as the biggest

player in the CBDC market. It has set up a CBDC research center

where they have built an R3 Sandbox for digital currencies, using

which, CBDCs can be easily created. From the Hyperledger family,

Fabric, Besu, and Iroha are also under research in this space.

Hedera Hashgraph, in spite of being a public DLT, is also investing a

lot on the research of CBDC with its low cost as well as higher

energy efficient infrastructure.

Figure 18.6 is derived from a paper from R3 Corda that shows how

digital money can be transferred from the central bank to the Tier-I

commercial banks and from Tier-I banks to Tier-II banks or retail

banks or payment service providers. At each stage, we can use

Corda’s accounts model to transfer the money to individual

accounts. Refer to Figure 18.6, as follows: