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Germany’s Bundesbank Flirts With Blockchain Technology


The Supplement to the Official Journal of the European Union reported that the German Bundesbank recently contracted Ocean Protocol with the aim of developing a decentralized network based on Blockchain. However, there are no clues that it is a CBDC.

Germany advances with a Blockchain solution

According to the public announcement, the main objective of the Bundesbank with the project is “decentralized network approach (based on the Blockchain), which allows participants a permanent and symmetric access to data for the realization of statistics updates in time. real, preserving the sovereignty of the data ”.

This is how they chose Ocean Protocol, a Singaporean non-profit foundation, as they cited a “lack of comparable competitors” and was therefore the only possible contractor for the work.

In fact, Ocean Protocol is a big data Blockchain platform that is designed to help developers build applications that can safely publish, transfer and / or consume public and private data.

Likewise, Ocean Protocol has a token called OCEAN that is designed to reward the individuals and organizations that help power the network.

However, at the moment the information regarding the Bundesbank project based on the Blockchain is quite limited.

Not a CBDC, unlike the rest

In the international community, the seed of the need to use the Blockchain to launch a central bank digital currency (CBDC) has already been planted. Especially as a result of other countries having advanced in the race.

In fact, South Korea, Canada, Brazil, Japan, Thailand, China, and France are in a race to build their own CBDCs using Blockchain technology.

Just yesterday the Governor of the Bank of Canada, Tiff Macklem, called for a “globally coordinated” effort to lead the development of a CBDC and prevent potential scams.

“If another country has one and we don’t, that could certainly create some problems. So we want to make sure we are ready. “he said in an interview.

So it seems that the need to develop a CBDC comes from the FOMO on the part of governments and central banks. Mainly given the dangerous advances of China on the subject. However, at first glance, it seems that Germany does not suffer from it.

It seems that Germany is interested in developing Blockchain technology for other valid purposes as well. However, it remains a possibility in the future.

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