According to a public notice published in the Supplement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit foundation, was hired to create a decentralized network for Germany’s Bundesbank. Germany’s central bank said that the Ocean protocol, which is a project of relatively limited renown, was chosen because they were the only possible contractor for the job, citing a “lack of comparable competitors.”
The central bank aims to set a decentralized network approach with this project.
Bundesbank detailed in its public notice that the project’s main purpose is to set up a “decentralized network approach, which allows participants a permanent, symmetrical data access for the realization of real-time updates of statistics while preserving data sovereignty.” The institution expects to work hand in hand with the Ocean protocol to build a platform for securely publishing, transferring, and consuming public and private data.
Blockchain technology is being utilized in many sectors around the world as regulators and lawmakers acknowledge the potential of this revolutionary tech. It was earlier reported that Germany’s central bank is considering alternatives to a CBDC, so this blockchain project might have something do with it.
Central banks around the world experiment with CBDCs.
Central banks in many countries are experimenting with some sort of national digital currencies. Earlier, the U.S. Federal Reserve chairman, Jerome Powell, suggested they are waiting to get the right proposals in place, rather than becoming the first to launch in regard with a CBDC. Several other major central banks, including the Bank of Japan, the Philippines’ central bank, are working on a CBDC.
As reported earlier, the Caribbean island Bahamas became the first nation to launch its central bank-backed digital currency. The central bank of Bahamas partnered with several local financial institutions on the rollout, including electronic payment firm Kanoo, mobile money company Cash N Go and e-commerce platform MobileAssist.