On October 28, the German Central Bank, or what is known as “Deutsche Bundesbank,” announced the award of a contract to the “Ocean Protocol” company in Public tender.

As it is known at the present time, many central banks are seeking to create their own digital currencies, as many of these banks have advanced in this endeavor, and some of them have already launched their digital currencies CBDC.

But the Bundesbank bucked this trend with its approach and research on developing a decentralized network, giving participants equal and permanent access to data in order to achieve real-time updates of statistics while maintaining data integrity.

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Through this goal, the German Central Bank sees that blockchain technology is the best option, to announce earlier a public tender for blockchain and crypto companies and projects to advance and highlight what can be done.

The Bundesbank has set the following condition:

A distributed database must be provided in a high-performance manner, and the system to be developed must be in a position to process and distribute large data sets in a decentralized and permanent manner.

Another criterion and condition mentioned is that the minimum criteria are met and the first projects successfully implemented and similar use cases are submitted.

Accordingly, and in light of the conditions set by the Central Bank, the institutions concerned with the selection decision were identified.

The Bundesbank found Ocean Protocol to be the only company that could offer a technical solution outside the concept stage.

According to observers, the process of selecting the Ocean Protocol was due to the lack of competitors similar to this protocol, and most of the conditions are met in the Ocean Protocol that the German Central Bank indicated.

Neither Ethereum, Polkadot nor IOTA Bundesbank chooses Ocean Protocol:

Although it is not known what other companies and projects have bid for the Bundesbank, it is remarkable that a somewhat unknown alternative project, which ranks #65 by market capitalization, has been awarded the contract.

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The Ocean Protocol project provides a platform that facilitates the creation of markets for the private and secure publication, sharing and use of data.

Recently the project announced the V3 version of its protocol.

Ocean v3’s goals make it possible to democratize the value of data and artificial intelligence (AI) by creating a platform on which data can be exchanged freely while protecting users’ privacy.

To this end, Ocean launched the first data AMM (automated market maker) in collaboration with Balancer Labs, allowing individuals and startups to monetize data.

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