According to a public announcement published in the supplement to the EU’s official journal, the Singapore-based non-profit organization Ocean Protocol has been contracted to establish a decentralized network for a German bank.

The central bank said that Ocean Protocol, a project with relatively limited publicity, was chosen mainly because it was the only possible contractor for the job, noting “there are no similar competitors.”

The Bundesbank explained in its public announcement that the main goal of the project is to create a “decentralized networking approach that gives participants identical permanent access to data to implement statistical real-time updates while maintaining data sovereignty”.

The organization expects to work hand in hand with Ocean Protocol to create a platform for secure distribution, transmission and use of public and private data.

On October 21, the Cointelegraph reported that the Bundesbank was studying alternatives to the central bank’s digital currencies. This announcement is perhaps the first glimpse of what such an alternative could entail.

In July, Ocean Protocol announced that it would develop a pilot project with Mercedes-Benz manufacturer Daimler AG.

Source: CoinTelegraph