Bundesbank selected Ocean Protocol to develop a decentralised network

The German central bank selected the Singapore-based Ocean Protocol block project to develop a decentralised network for the secure publication, transmission and processing of public and private data. The results of the tender have been published in the Official Journal of the European Union.

The Bundesbank opted for Ocean Protocol due to the lack of comparable competitors as well as the unique patented database technology underlying the protocol.

„The protocol combines the elements of a distributed database with the characteristics of distributed registry technology (DLT), offering the bank an ideal starting point for developing a prototype network model,“ says the document.

The aim of the cooperation is to create „a decentralised network that will enable members to have continuous and symmetrical access to data for real time statistical updates while maintaining data sovereignty“.

The announcement of the partnership with the Bundesbank was preceded by the launch of the third version of Ocean Protocol software.

According to project founder Bruce Pon, Ocean V3 is a key component for the new data economy. Its main component is data tokens using the ERC-20 standard, which represent the value of data assets and provide access to them.

The release includes an automated Ocean Marketplace, a Balancer DEX-based stacking facility and initial data offers.

Last week, the Bundesbank warned that the introduction of the digital euro could have huge implications for the entire financial system.

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