German Central Bank Works On A New Blockchain Project

The German Central Bank is now working on a new blockchain project and is not a central bank digital currency apparently as we are reading more in our latest cryptocurrency news.

Bundesbank seems to be flirting with blockchain technology as the German Central Bank works on a new blockchain project according to a public notice published in the Supplement to the Official Journal of the European Union which is Ocean Protocol, the Singaporean non-profit foundation that was hired to create a decentralized network for the bank.

The Central bank said that the Ocean Protocol was chosen because they were the only one contractor for the job as they cited “lack of comparable competitors.” Bundesbank detailed in the public notice that the main purpose of the project is to set up a decentralized network approach that will allow the participants asymmetrical data access for the realization of real-time updates while still preserving data sovereignty. The company expects to work hand in hand with the Ocean Protocol to build a platform of publishing securely private and public data.

The German Central bank was considering alternatives to a central bank digital currency so it is possible that this new adventure is only a glimpse of what such an alternative could involve. Ocean Protocol on the other hand announced they will develop a project with Mercedes Benz and Daimler AG.

We have reported earlier in the blockchain news, Germany – or the German government – has recently launched a consultation process in an attempt to formulate a comprehensive blockchain strategy before the summer begins. What’s interesting is the fact that Berlin, the country’s capital city, is a growing tech hub and home to 170 startups that could use blockchain. According to info from Reuters that cites government sources, industry groups and companies have been invited to offer their recommendations for incorporating blockchain in order to bolster the German economy.

Meanwhile, there is a big competition among European nations in terms of blockchain and the burgeoning marketplace, starting with the automobile industry. Auto executives are ones to lead the market – especially since Germany is known for many reputable brands. According to them, blockchain could bring secure and traceable transactions to supply chain management.