During the OECD 2020 Global Blockchain Policy Forum, Digital Asset’s CEO ran a live demo showing how to integrate CBDCs across different blockchain and database platforms
Speaking at the OECD Blockchain Policy Forum in November, Digital Asset Co-founder & CEO, Yuval Rooz unveiled a new blockchain interoperability protocol that enables applications to seamlessly interact across different platforms. During the session – “Interoperability in DLT – What does it mean? Is it important? What are the options?” – Rooz gave a live demo showing how wholesale and retail applications of Central Bank Digital Currencies (CBCDs) can interoperate across Hyperledger Fabric, Ethereum and a traditional Postgres database, making CBDCs compatible regardless of the underlying technology
As Central Banks move away from experimenting with permissionless public blockchains towards production deployments on networks designed for the enterprise, the importance of interoperability has only increased.
“To unleash the full potential of CBDCs and DLT, interoperability is a must,” said Rooz. “The reality is that there is not going to be one chain or one ledger to rule them all. The other challenge is that not every use case is going to be suitable for DLT. There will be solutions running on traditional databases. If we don’t solve for interoperability now, all we’re doing is re-creating the problem with slightly bigger data silos using newer technology.”
Rooz identified 4 key components of achieving true interoperability and why these 4 are vital for any central bank or company considering going live with any asset on DLT.
Rooz added, “Interoperability is a necessity and must include atomicity, privacy, cross-ledger technology and extensibility. With these four components we can realize the full potential of DLT and new solutions, like CBDCs.”
During the session, Rooz also announced that Digital Asset will open source the code used to build the CBDC interoperability functionality “CBDCs must be open source,” said Rooz. “Everyone needs to see these implementations. We have a lot more functionality to share and we want to make it collaborative.” To be notified once the application is open source, sign up here.
The Global Blockchain Policy Forum took place on November 16 -20, 2020. It is the leading international event focused on the policy implications of blockchain and its applications, led by the OECD’s Blockchain Policy Centre. The event brings together top government officials, policy advisors, central bankers, academics and more.