Germany’s central bank is working on a blockchain project, but it is not a CBDC

3. November 2020

According to a notice published in the Supplement to the Official Journal of the European Union , Ocean Protocol, a non-profit Singapore Foundation, has been contracted to create a decentralised network for the German Bundesbank.

The central bank said that the Ocean Protocol, which is a relatively limited project, was chosen mainly because they were the only possible contractor for the work, citing a „lack of comparable competitors“.

The Bundesbank detailed in its public notice that the main objective of the project is to establish a „decentralised network approach, which allows participants permanent and symmetrical access to data for real time updates of statistics, while preserving data sovereignty“.

The institution hopes to work together with the Ocean protocol to build a platform to publish, transfer and consume public and private data safely.

On 21 October, Crypto Legacy reported that the German central bank was considering alternatives to a CBDC . It is possible that this announcement is our first look at what such an alternative might involve.

In July the Ocean protocol announced that it would develop a pilot project with the manufacturer of Mercedes-Benz, Daimler AG.