A new Blockchain Project of Germany’s Central Bank is Under Progress

  • Bundesbank further detailed that the main purpose of Blockchain project is the establishment of an approach towards a decentralized network
  • A German politician and executive board member of the country’s central bank had stressed on the enabling of the use of central bank-backed digital euro

As per recent report, an announcement was made publicly in the Supplement to the Official Journal of the European Union. The announcement states that a Singaporean non-profit foundation called as Ocean Protocol has been contracted in regards to the creation of a decentralized network for Germany’s Bundesbank.

Although, the company which had invented the term hash rate was not bothered by its recent decline. The central bank explained why they had chosen Ocean Protocol; it was the only possible contractor for the job as it is a relatively limited big-name project.

Bundesbank further detailed that the main purpose of this project is the establishment of an approach towards a decentralized network, in which the participants are solely allowed to have a permanent and symmetrical access to data for real-time statistical updates, while its data sovereignty gets preserved.

Its most likely expected for the institution to work on it together with the Ocean Protocol in order to build a platform that is meant for securely publishing, transferring and for consuming the public data and the private data as well.

There’s a possibility of this announcement being the first outlook for us regarding the other alternatives that could be possibly involved in this. The report of BIS stated that the Burkhard Balz, a German politician and executive board member of the country’s central bank had stressed on the enabling of the use of central bank-backed digital euro as the only mode of payment, but not as a store of value.

Balz also gave a suggestion regarding how there might be a possibility of the central banks giving a limit on the amount of digital euros that can be held by the users at any time or the demand for the digital euro could be controlled by the banks, by introducing incentives based on tiered remuneration.

He had further stated that there were some discussions surrounding CBDC, and the Deutsche Bundesbank was deeply involved in the discussion since it is looking for an alternative digital payment solution as well, in order to avoid introducing a CBDC.

In the early July, the development of a possible pilot project was announced by Ocean Protocol. And this project is said to be a collaboration project with Daimler AG, the manufacturer of Mercedes-Benz.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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