githubber2047 / onyx-cbdc-payment

Create a digital identity-based solution that solves common pain points in B2B payments use cases for VISA

Onyx-CBDC-payment

The objective is to create a digital identity-based solution that solves common pain points in B2B payments use cases for VISA.

We shall use a Web3 identifier such as Ethereum Naming Service (ENS) so that users can send cross border payment to other users who have a human-readable name to their public addresses. So for example, to make a payment from, let's say the Hong Kong office of JpMorgan to the London office of JpMorgan, we could send payment to jpmorganlondon.eth, the ENS identity of the JPMorgan London office.

In this project, we shall tokenize the Central Bank Digital Currency (CBDC) of Hong Kong, the e-HKD, issued by the Hong Kong Monetary Authority. By Tokenizing this CBDC, we can use this tokenized asset to be utilized as collateral for borrowing loans on the Tokenized Collateral Network(TCN) application. We shall then send the tokenized e-HKD as payment across the OnyxPay network. This can avoid the pain points of the present SWIFT system of payments which is slow and expensive, as well as lacking in transparency. The tokenized e-HKD eliminated most of the counter-party risk of a stablecoin as it is backed by a government, where we don't have to worry about it depegging from the Fiat Hong Kong dollar as it is issued by the defacto central bank of Hong Kong.

The entities that use this OnyxPay system can also have an alphanumeric identifier, ie the Decentralized identifier (DIDs), the recognized standard within the World Wide Web Consortium(W3C) to ensure we are sending payment to the correct entity. We can also use Verifiable credentials (VCs) issued by the JPMorgan Headquarters (the issuer) to ascertain identity credentials of the various branches of JPMorgan, to ensure payment is made to the correct entity. It ensures privacy in that only JPMorgan entities will be able to view the details of the credentials, where claims are stored off-chain, keeping personal data private, where VC holders can choose the claim (or part of a claim) they wish to present to another entity.