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Deutsche Bundesbank, the German central bank, has tapped a small-cap altcoin protocol for a decentralized network project.
Ocean Protocol is a big data blockchain platform designed to help developers construct applications that can securely publish, transfer, and/or consume public and private data.
The German bank hired Ocean for “software integration consultancy services,” according to a translated 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 German bank says that Ocean Protocol was the only possible contractor for the job.
“[The] 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.”
A Singapore based non-profit foundation governs Ocean Protocol.
The platform’s token, OCEAN, is designed to reward people and organizations who help power the network, govern community funding, and buy and sell data.
Featured image: Shutterstock/ArtStudio29