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According to a public notice published in the Supplement to the Official Journal of the European Union, Ocean Protocol, a Singapore-based non-profit foundation, was hired to create a decentralized network for the German Bundesbank.
The central bank said the Ocean Protocol, which is a project of relatively limited reputation, was chosen primarily because they were the only possible contractor for the job, citing a “lack of comparable competitors”.
The Bundesbank specified in its public communication that the main purpose of the project is to create a “decentralized network approach, which allows participants a permanent and symmetrical access to data for real-time updates of statistics while preserving the sovereignty of the data”.
The institution plans to work hand in hand with the Ocean protocol to build a platform for the secure publication, transfer and consumption of public and private data.
On 21 October, Cointelegraph reported that the German central bank was considering alternatives to a CBDC. It’s possible this announcement is our first look at what such an alternative might entail.
In July, the Ocean Protocol announced that they would develop a pilot project with Mercedes-Benz manufacturer Daimler AG.
