BASEL, Switzerland—The Bank for International Settlements (BIS) and four central banks have completed trials of two blockchain-based platforms on which a multinational central bank digital currency (CBDC) technical standard could be based.
Nationally issued CBDCs such as China’s digital yuan and a proposed digital dollar could make both retail and interbank payments far faster, easier and cheaper. They also offer the same potential benefits for cross-border payments, but would need to be able to talk to each other to make that happen efficiently, Pymnts.com reported.
The goal of Project Dunbar, which involves the central banks of Australia, Malaysia, Singapore and South Africa, as well as a number of commercial banks, was to delve into the governance, processes and technology needed to make that happen.
“Among other things, it made a tacit conclusion that the digital ledger technology (DLT) upon which blockchain is based was the way to go, but did not specify a blockchain platform. Testing by the Boston Fed and MIT’s Digital Currency Initiative recently cast doubt upon blockchain’s superiority as a CBDC platform,” Pymnts.com said.
Two Permissioned Protocols
The BIS project tested two permissioned protocols. One was built on R3’s Corda, a DLT platform that Corda has described as “both a blockchain and not a blockchain,” the report stated.
The other is Quorum, the J.P. Morgan-designed permissioned blockchain platform based on Ethereum that was recently sold to ConsenSys, an Ethereum development firm.
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