Bundesbank selects Ocean Protocol to develop a decentralised data network

The German central bank has selected the Singaporean blockchain project Ocean Protocol to develop a decentralised network for the secure publication, transfer and processing of public and private data. The tender results were published in the Official Journal of the European Union.

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

“The protocol combines elements of a distributed database and features of distributed ledger technology (DLT), offering the bank an ideal starting point for developing a prototype network model,” the document says.

The aim of the collaboration is to create a “decentralised network that will enable participants to gain persistent and symmetric access to data for real-time updates of statistics while preserving data sovereignty”.

The news of the partnership with Bundesbank was preceded by the release of Ocean Protocol’s third version of its software.

Ocean V3 is now live!

Years in the making, we’re proud to release Ocean V3, the bridge between #data and #DeFi. Read more about the journey in a blogpost from Ocean Founder @BrucePon.https://t.co/24YD6xTkAW

— Ocean Protocol (@oceanprotocol) October 27, 2020

According to Ocean founder Bruce Pon, Ocean v3 is a key component of a new data economy. Its main component is data tokens that use the ERC-20 standard, representing the value of data assets and providing access to them.

The release includes the automated Ocean Market marketplace, staking via the Balancer DEX, and initial data offerings.

Last week the Bundesbank warned that the introduction of the digital euro could have wide-ranging implications for the financial system.

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