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<p>In India, following the 2016 demonetization exercise, digital payments have become extremely popular. Among them, the transactions using UPI (Unified Payment Interface) have grown phenomenally. The lockdowns due to the COVID-19 Pandemic furthered this trend. Simultaneously, cryptocurrencies such as Bitcoin have also gained traction. Countries such as China and India have issued government-recognized digital currencies, but they are yet to gain significant traction. In this paper, we propose a novel Decentralized Digital Currency System (DDCS) that utilizes Merkle Trees and B + Trees. We also leverage the notion of Authenticated Data Structures in our design. We name the proposed currency δ-Currency. δ-Currency is intended as a replacement for physical currency and has built-in security features that rival other cryptocurrencies. Transactions using δ-Currency happen in a disintermediated manner but with post-facto reconciliation. In place of Central Bank-issued Digital Currency (CBDC), we envisage a scenario where multiple Payment Banks issue digital currencies that have relatively stable valuations without being subjected to either volatility or perennial devaluation.</p>

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Decentralized digital currency system using Merkle hash trees

  • 期刊论文

  • 发表日期：

    2025年9月12日

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  • Shreekanth M. Prabhu,
  • Natarajan Subramanyam,
  • Shreya P. Krishnan,
  • Brindavana Sachidanand

摘要

In India, following the 2016 demonetization exercise, digital payments have become extremely popular. Among them, the transactions using UPI (Unified Payment Interface) have grown phenomenally. The lockdowns due to the COVID-19 Pandemic furthered this trend. Simultaneously, cryptocurrencies such as Bitcoin have also gained traction. Countries such as China and India have issued government-recognized digital currencies, but they are yet to gain significant traction. In this paper, we propose a novel Decentralized Digital Currency System (DDCS) that utilizes Merkle Trees and B + Trees. We also leverage the notion of Authenticated Data Structures in our design. We name the proposed currency δ-Currency. δ-Currency is intended as a replacement for physical currency and has built-in security features that rival other cryptocurrencies. Transactions using δ-Currency happen in a disintermediated manner but with post-facto reconciliation. In place of Central Bank-issued Digital Currency (CBDC), we envisage a scenario where multiple Payment Banks issue digital currencies that have relatively stable valuations without being subjected to either volatility or perennial devaluation.