Why Sucessful Central Bank Digital Currencies require Partnership enagement
madhav
Thu, 06/22/2023 – 06:23
In Part 1 of this blog series we explored what CBDC, or Central Bank Digital Currencies are, and why they are important. Successful completion of CBDC projects requires the involvement of multiple partners. There are several key features CBDC has to implement and Thales can help with a few: Security, Offline CBDC and digital ID wallets.
The end user drives the use case, the use case drives the partner selection
To gauge the extent of partnerships required it is important to consider all stakeholders that stand to benefit from any particular use case. McKinsey define innovation as “the systematic practice of developing and marketing breakthrough products and services for adoption by customers”. ‘Development’ and ‘breakthrough’ are handled by technology stakeholders. However, these CBDC technology stakeholders should recognise that success is in sustained “adoption by customers”, not just in releasing new products. The table below shows examples of real world CBDC use cases being explored globally with customer requirements at their heart; also shown are the ecosystem partnerships involved highlighting the variety of stakeholders required:-
| Use Case | Country | Ecosystem partnerships |
|---|---|---|
| Construction Supply Chain Payments2 | Australia | Master builders, contractors, consumer, Web3 technology lab, open source ledger provider, central bank |
| Livestock Auction2 | Australia | Wealth management and private equity companies livestock farming organisations, central bank |
| Goods and Services Tax2 | Australia | Commonwealth bank, accounting software vendor, central government, private enterprises, University research units, consumers |
| Offline Payments for Universities2 | Australia | Regional commercial bank, consulting company, open source ledger provider, Thales, two universities, students, smart card provider, […] Content was cut in order to protect the source.Please visit the source for the rest of the article. This article has been indexed from Thales CPL Blog Feed
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