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

According to a public announcement released in the the supplement to the Official Journal of the European Union, Ocean Protocol, a non-profit foundation in Singapore, was commissioned to set up a decentralized network for the German Bundesbank.

The central bank said the Ocean Protocol, a relatively limited large project, was chosen primarily because he was the only possible contractor for the job, citing a “Lack of comparable competitors”.

In its public announcement, the Bundesbank set out in detail that the main objective of the project is to develop a “Decentralized network approach that enables the participants permanent and symmetrical access to the data for statistical updates in real time and at the same time preserves the sovereignty of the data.”

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

The institution hopes to work hand in hand with the Ocean Protocol to develop a platform for Publish, transfer and use public and private data in a secure manner.

On October 21, Cointelegraph reported on it The German central bank was considering alternatives to a CBDC. This announcement could be our first look at what such an alternative might be.

In July, Ocean Protocol announced that it would develop a pilot project with the manufacturer of Mercedes-Benz, Daimler AG.

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