Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, has become the technical Partner for the Global CBDC Challenge, launched by the Monetary Authority of Singapore (MAS).
A retail CBDC (Central Bank Digital Currency) built on next-generation financial rails is an exciting opportunity for central banks to provide better payments, improve financial inclusion and support increasingly digital economies.
Hyperledger has a number of technologies already deployed in CBDC projects that entrants can access for this challenge
As one of the challenge’s Technical Partners, Hyperledger will provide open source code, technical information and support through our thriving, global blockchain community and numerous use cases where Hyperledger technology is being used for CBDC projects, and more.
The Global CBDC Challenge seeks to catalyse ground-breaking retail CBDC solutions to promote financial inclusion and enable empowerment through technology. The competition is open to FinTech companies, financial institutions and solution providers around the world.
MAS, a Hyperledger associate member, launched the challenge in partnership with the Asia Development Bank, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme and World Bank.
Up to 15 finalists will be selected to receive mentorship from industry experts and be provided access to the APIX Digital Currency Sandbox.
Finalists will have the opportunity to pitch their solutions to a global audience at the Demo Day, to be held at this year’s Singapore FinTech Festival in November. Up to three winners will be selected to receive S$150,000 in cash prizes.
“Hyperledger’s open source community and world-leading blockchain expertise is uniquely placed to assist entrants in this exciting challenge,” Hyperledger Executive Director Brian Behlendorf said. “Hyperledger has a number of technologies already being deployed in CBDC projects. We recommend a number of Hyperledger DLT frameworks for entrants to consider for this challenge, including Hyperledger Besu, Fabric and Iroha.”
Challenge entrants who choose Hyperledger technologies can receive technical assistance through the projects’ mailing lists and chat channels. As a global, open source community, Hyperledger offers exceptional support.
For details on Hyperledger technologies, CBDC projects, potential Hyperledger members with whom to collaborate, community assistance, and more, please see Hyperledger’s wiki page for the Global CBDC Challenge.