NotCentralised 1 of 14 projects for RBA CBDC project
NotCentralised is making waves in the financial technology industry, as it becomes part of the pilot program for a Central Bank Digital Currency (CBDC) initiated by the Reserve Bank of Australia (RBA) and the Distributed Ledger Technology (DLT) Research Collaboration (DFCRC).
Overall
Here’s a summary of what the various projects are about:
- Many of the use cases focus on leveraging CBDC to increase the efficiency, speed, and security of existing financial systems and processes.
- There is a strong focus on reducing the risk of fraud, counterparty risk, and other inefficiencies through the use of CBDC.
- Several use cases focus on cross-border payments and international trade, with CBDC being used to facilitate faster, cheaper, and more secure transactions.
- The use cases also involve a wide-variety of different entities as participants, including financial institutions, corporations, and government bodies.
- There is an emphasis on collaboration and partnerships between different entities to develop and test these use cases.
- The pilot projects aim to demonstrate the potential benefits of CBDC, such as faster settlement times, reduced transaction costs, and increased transparency, to drive wider adoption and implementation.
- CBDC also being used as a Proof of Reserve
Congratulations to the various projects and participants from ANZ, CBA, Canvas, Mastercard, Zerocap, Digital Mutual, Monoova, Intuit and more.
NotCentralised use case
As part of this pilot, NotCentralised is utilising its own products, TradeFlows and Layer-C, to streamline payments and invoicing for construction work in an aged-care facility. The use of these products has increased efficiency, transparency, and trust in the payment process for this project.
TradeFlows is a blockchain-based platform that allows for the creation and management of invoices, as well as the automation and control of payments for greater efficiency and security. The transparency around collateral through the use of escrows and the collaboration layer that allows counterparties to rate each other add to the trust layer. This not only saves time and increases trust in payments but also allows businesses to focus on clients who can afford to pay them, reducing the amount of manual work required for payment processes and chasing up payments.
Layer-C, on the other hand, is an infrastructure that provides regulatory and technological compliance to the web3 community while abiding by local jurisdictional requirements. It enables developers to build regulatory-compliant smart contracts within their applications and services, throughout the lifecycle. With Layer-C, developers can manage a smart contract workflow with the highest level of security against hacks and understand the changing regulatory landscape to ensure that the expected permissions/constraints are encoded within the smart contract. Additionally, it enables the execution of changes to the ledger/code required by court orders and law enforcement.
By utilising TradeFlows and Layer-C, NotCentralised has ensured that payments for construction work in an aged-care facility are secure, efficient, and compliant with regulatory requirements. This pilot project demonstrates the potential of blockchain technology to streamline payments and increase trust in the payment process.
The RBA/DFCRC pilot for a CBDC is an exciting development in the financial technology industry, and NotCentralised is proud to be a part of it. As the world moves towards a digital future, it is vital that companies and organisations embrace new technologies to increase efficiency, security, and transparency in financial transactions. NotCentralised is leading the way with its innovative products, and we can expect to see more developments in this space in the coming years.
Links
Here’s a few links about the project:
RBA media release — https://www.rba.gov.au/media-releases/2023/mr-23-06.html
List of DFCRC use cases — https://dfcrc.com.au/cbdc/cbdc-pilot-use-cases/
Article in the AFR https://www.afr.com/companies/financial-services/rba-to-pilot-14-use-cases-for-a-digital-a-20230302-p5coss
Chainsaw article https://thechainsaw.com/defi/rba-pilot-digital-australian-dollar-cbdc/
Video on ausbiz (we featured in) — https://www.ausbiz.com.au/media/the-use-cases-for-an-australian-cbdc?videoId=27508
Decential article — https://www.decential.io/articles/https/dfcrccomau/2023/03/01/tokenised-fx-settlement
Decrypto — https://decrypt.co/122511/australia-announces-cbdc-pilot-and-study-for-the-eaud
Yahoo Finance — https://www.yahoo.com/entertainment/australia-announces-cbdc-pilot-study-223902924.html
CoinTelegraph — https://cointelegraph.com/news/australian-central-bank-to-launch-live-pilot-of-cbdc-in-coming-months
Innovation Aus — https://www.innovationaus.com/local-fintechs-to-lead-rba-digital-currency-pilots/
CoinGeek — https://coingeek.com/reserve-bank-of-australia-explores-cbdc-use-cases-as-it-plans-live-pilot/