Report Ocean Protocol Was Hired To Create A Decentralized Network For Germany's Bundesbank
Report: Ocean Protocol Was Hired To Create A Decentralized Network For Germany’s Bundesbank
November 4, 2020
Report Ocean Protocol Was Hired To Create A Decentralized Network For Germany's Bundesbank
Report: Ocean Protocol Was Hired To Create A Decentralized Network For Germany’s Bundesbank
November 4, 2020

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.”

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.

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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.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.