The Deutsche Bundesbank has tapped into a small-cap altcoin protocol for a decentralized network project.
Ocean Protocol is a large data blockchain platform designed to help developers create applications that can securely publish, transmit and / or consume public and private data
The German bank hired Ocean for „software integration consulting services,“ according to a public announcement by the European Union. It says:
The aim of the Crypto Engine 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 maintaining the data sovereignty.
According to the German bank, Ocean Protocol was the only possible contractor for the order
As a result of the market research process, the advice from BigchainDB GmbH represents the only possible contractor for the bank. Reasons for this are, in addition to the lack of comparable competitors, above all the technical unique selling points that exist for the company due to the „Ocean Protocol“ and the underlying patented database technology . 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.
The Ocean Protocol is administered by a Singapore-based non-profit foundation. The platform’s token, OCEAN, is designed to reward individuals and organizations that power the network, manage community funding, and buy and sell data.
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