Germany’s central bank is working on a blockchain project, but it’s not a CBDC

Bundesbank seems to be coyly flirting with blockchain technology.

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.

The central bank said that the Ocean protocol, which is a project of relatively limited renown, was chosen mostly because they were the only possible contractor for the job, citing a “lack of comparable competitors.”

Bundesbank detailed in its public notice that the main purpose of the project 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.

On October 21, Cointelegraph reported that the German central bank was considering alternatives to a CBDC. It is possible that this announcement is our first look into what such an alternative could involve.

In July, Ocean protocol announced that they would develop a pilot project with Mercedes-Benz’ manufacturer, Daimler AG.

By continuing to use the site, you agree to the use of cookies. more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.