Germany’s central bank is working on a blockchain project. According to a public notice published in the Supplement to the Official Journal of the European Union, the Singaporean non-profit foundation Ocean Protocol was contracted to create a decentralised network for the Bundesbank of Germany.
The central bank said that the Ocean Protocol, a relatively limited-renowned project, was chosen primarily because it was the only possible contractor for the job, citing a “lack of comparable competitors.”
Bundesbank detailed in its public notice that the main purpose of the project is to set up a “decentralized network approach, which allows participants a permanent, symmetrical data access for the realization of real-time updates of statistics while preserving data sovereignty.”
The institution expects to work hand in hand with the Ocean protocol to build a platform for securely publishing, transferring, and consuming public and private data.