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Germany’s Central Bank has roped in Ocean Protocol for a decentralized network project

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Ocean Protocol is in the news after a long time and this time for a unique collaboration. Deutsche Bundesbank, the German central bank, has tied up with Ocean protocol – a small-cap altcoin protocol for a new decentralized project and it is exciting. 

We all are aware that Ocean Protocol is a blockchain that uses trending technologies like Big Data. It lets its developers create novel applications that can be used to publish, transfer, and use both public and private data in a secure manner. As per the collaboration, the protocol will help the bank in a seamless software integration as well as consultancy service as per a public notice on the Supplement to the Official Journal of the European Union.

“The aim of the procurement project is to set up a decentralized network approach, which allows equal participants a permanent, symmetrical data access for the realization of real-time updates of statistics while preserving the data sovereignty.”

The bank had decided that Ocean Protocol was the best choice for the new integration plan considering its work history. Also due there weren’t enough competitors that were on par with the company. It also has a lot of strategic advantages in terms of technical USPs that have been under much discussion. Ocean protocol is also known for its patented database technology for which it was selected by the noted bank.

Ocean Protocol is presently managed and governed by a Singapore based non-profit foundation. It operates with a mandate which ensures open access to the protocol and platform thereby providing data governance, foster the growth of the network ecosystem, and also take measures to see to it that the platform becomes decentralized true to its spirit. It has also contracted BigChainDB for the strong building up of the core protocol network, marketing, and community activities. 

“The protocol combines the elements of a distributed database with the characteristics of a DLT and is therefore the ideal starting point for the bank to develop a prototype of the network model.”

Under the types of procedure and exclusion criteria in the selection decision, the need that a DLT should be linked to a distributed database in a high-performance manner was specified as a compulsory exclusion criterion. The report further said that the system which will be developed must also be able to process and distribute large amounts of data in a sustainable decentralized manner. And it is at this point, a lot of companies lost out to Ocean Protocol which were also in consideration for the new engagement. 

Another important exclusion criterion is product maturity. With this criterion, BigchainDB GmbH was the only company with the OceanProtocol that was confident enough of offering a technical solution. This was placed outside the conception phase. Other than all this, a criterion that included innovative expertise, experience in client consulting and knowledge transfer were also important factors that were applied by the company in the race to get the contract.

Ocean Protocol’s OCEAN token helps in rewarding people and organizations that provide power to the network and undertake other governance functions.