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

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

In accordance with a public discover printed in the Complement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit basis, was employed to create a decentralized community for Germany’s Bundesbank.

The central financial institution stated that the Ocean protocol, which is a venture of comparatively restricted renown, was chosen principally as a result of they have been the one attainable contractor for the job, citing a “lack of comparable opponents.”

Bundesbank detailed in its public discover that the primary goal of the venture is to arrange a “decentralized community strategy, which permits contributors a everlasting, symmetrical information entry for the belief of real-time updates of statistics whereas preserving information sovereignty.”

The establishment expects to work hand in hand with the Ocean protocol to construct a platform for securely publishing, transferring, and consuming private and non-private information.

On October 21, Cointelegraph reported that the German central financial institution was contemplating alternate options to a CBDC. It’s attainable that this announcement is our first look into what such an alternate might contain.

In July, Ocean protocol introduced that they’d develop a pilot venture with Mercedes-Benz’ producer, Daimler AG.

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