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COTI’s CBDC-Based Marketplace for RWAs Takes Center Stage at Bank of Israel Digital Shekel Challenge
The post COTI’s CBDC-Based Marketplace for RWAs Takes Center Stage at Bank of Israel Digital Shekel Challenge appeared on BitcoinEthereumNews.com. Privacy-focused blockchain COTI has presented its proposal for a decentralized marketplace for trading RWAs at a major event hosted by the Bank of Israel. The Digital Shekel Challenge was designed to explore use cases for CBDCs (Central Bank Digital Currencies), and COTI was the only blockchain invited to participate in the contest, which commenced in August and concluded October 31. COTI Tackles CBDCs A host of leading fintechs and payment firms including PayPal and Fireblocks entered teams to the Digital Shekel Challenge. COTI’s entry, a decentralized marketplace for event tickets, served as a proof of concept for the ability of a digital shekel – that is a CBDC – to operate as a mediating currency to swap between a local currency and that of a different country. The demonstration presented by COTI, which can be viewed here, entailed using smart contracts to eliminate the need for intermediaries. Such a marketplace would reduce ticket fraud, but it would have much wider applications including the trading of real-world assets in which a CBDC could be used. The challenge culminated at the Tel Aviv Stock Exchange on October 31, where COTI presented its decentralized marketplace alongside 13 other project teams. COTI’s participation in the Bank of Israel’s Digital Shekel Challenge underscores the potential for blockchain technology in CBDC applications. The minutiae of the challenge tasked entrants with developing use cases that would address implementations such as connectivity between the digital shekel, other payment systems, and cash; use of advanced functionalities such as sub-wallets, conditional payments, and split payments; and the implementation of various technologies while using the digital shekel as a means of payment. Project teams were required to utilize an API layer to provide a diverse set of functionalities for payment service providers.These are the sort of essentials that must be solved before…
The post COTI’s CBDC-Based Marketplace for RWAs Takes Center Stage at Bank of Israel Digital Shekel Challenge appeared on BitcoinEthereumNews.com.
Privacy-focused blockchain COTI has presented its proposal for a decentralized marketplace for trading RWAs at a major event hosted by the Bank of Israel. The Digital Shekel Challenge was designed to explore use cases for CBDCs (Central Bank Digital Currencies), and COTI was the only blockchain invited to participate in the contest, which commenced in August and concluded October 31. COTI Tackles CBDCs A host of leading fintechs and payment firms including PayPal and Fireblocks entered teams to the Digital Shekel Challenge. COTI’s entry, a decentralized marketplace for event tickets, served as a proof of concept for the ability of a digital shekel – that is a CBDC – to operate as a mediating currency to swap between a local currency and that of a different country. The demonstration presented by COTI, which can be viewed here, entailed using smart contracts to eliminate the need for intermediaries. Such a marketplace would reduce ticket fraud, but it would have much wider applications including the trading of real-world assets in which a CBDC could be used. The challenge culminated at the Tel Aviv Stock Exchange on October 31, where COTI presented its decentralized marketplace alongside 13 other project teams. COTI’s participation in the Bank of Israel’s Digital Shekel Challenge underscores the potential for blockchain technology in CBDC applications. The minutiae of the challenge tasked entrants with developing use cases that would address implementations such as connectivity between the digital shekel, other payment systems, and cash; use of advanced functionalities such as sub-wallets, conditional payments, and split payments; and the implementation of various technologies while using the digital shekel as a means of payment. Project teams were required to utilize an API layer to provide a diverse set of functionalities for payment service providers.These are the sort of essentials that must be solved before…
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