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- The Deutsche Bundesbank awarded the Ocean Protocol the contract for the conceptual design of a decentralized data network.
- The Ocean Protocol was the only company able to offer a technical solution out of the conception phase.
Three days ago, on October 28, the Deutsche Bundesbank, the central bank of the Federal Republic of Germany, announced the award of a contract to the Ocean Protocol with a public tender. Contrary to the current global trend of research on digital central bank currencies, the Bundesbank aims to develop “a decentralized network, which allows equal participants permanent and symmetrical access to data for real-time updates of statistics while preserving sovereignty. some data”.
The selection decision was based on the requirement, as established by the Deutsche Bundesbank, that Distributed Ledger Technology (DLT) “should be associated with a distributed database in a high-performance manner”. As further outlined in the requirements description, the system to be developed had to be capable of processing and delivering “large decentralized data sets on a sustained basis”.
At this point the criterion of the amount of data to be processed led to the exclusion of the majority of the companies considered in the selection decision.
Another important exclusion criterion was the maturity of the product. According to the Deutsche Bundesbank, it was necessary to meet a minimum standard and to present the first successfully implemented projects and use cases. With this criterion, BigchainDB GmbH with the Ocean protocol was the only company able to offer a technical solution that was outside the conception phase, according to the Bundesbank.
In the outcome of the market investigation procedure, the consultation by BigchainDB GmbH is the only possible contractor for the bank. The reasons for this are besides the lack of comparable competitors, especially the technical location characteristics, which exist for the company due to the “ocean protocols” and the underlying patented database technology. The protocol combines the elements of a distributed database with the characteristics of a DLT and thus constitutes the ideal starting point for the bank to develop a prototype of the network model.
Neither Ethereum, Polkadot nor IOTA – Bundesbank select the Ocean protocol
While it is not known which other companies and projects have applied for the German Federal Bank tender, it is remarkable that a rather unknown altcoin project, which ranks 65th in terms of market capitalization, won the tender.
The news came just hours after Ocean, a platform that facilitates the creation of marketplaces for publishing, sharing and using private and secure data, revealed the V3 iteration of its protocol. Ocean v3’s goals help democratize the value of data and artificial intelligence (AI).
The reliable and decentralized data service combines concepts of big data and artificial intelligence to create a platform on which data can be exchanged freely while protecting user privacy. To this end, Ocean v3 is launching the first Automated Market Maker (AMM) for data in partnership with Balancer Labs, enabling individuals and start-ups to monetize data.
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