A report published in the Supplement to the Official Journal of the European Union stated that Ocean Protocol, a Singaporean non-profit foundation, was hired to create a decentralized network for Germany’s Bundesbank.
It has been reported that 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.”
However, 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.”
Bundesbank has tapped Ocean Protocol to develop a decentralized network project, reports @conexiondigicol https://t.co/aoyOcNSpbd — Cointelegraph (@Cointelegraph) October 30, 2020
As per the report, 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.
The German central bank was considering alternatives to a CBDC, as it is possible that this announcement is our first look into what such an alternative could involve.
Thus, in July, Ocean protocol announced that they would develop a pilot project with Mercedes-Benz’ manufacturer, Daimler AG.