This spring the team of innovation lab “SUPER HOW?” took part in the Bank for International Settlements (BIS) Innovation Hub London Centre’s TechSprint on central bank digital currencies (CBDC) use case prototyping, which utilized API functionality of “Project Rosalind”. A dedicated, small team of engineers from “SUPER HOW?” produced four CBDC use cases packed into one prototype.
In the last couple of years, central banks working on CBDC have advanced from the research and investigation phase into prototyping, which addresses actual use cases. In this context, the “SUPER HOW?” team has developed a so-called point of interaction (POI) for four use cases in one proof of concept (POC).
“I could not be more proud of our exceptional team, whose professionalism has truly shone through. Drawing upon the experience gained from our prior collaboration with esteemed institutions such as the European Central Bank and the Bank of Lithuania in the digital euro developments, our team has demonstrated remarkable expertise. Our knowledge and abilities in the rapidly changing world of digital payment transformation and financial innovations, which are currently grabbing the attention of the industry, have been further enhanced by our recent participation in the BIS Rosalind TechSprint. These invaluable experiences have established us as pioneers in this exciting field,” says Andrius Bartminas, Co-Founder and CEO of "SUPER HOW?".
23 teams took part in the Rosalind TechSprint, with selected teams presenting their solutions to a group of central banks at a demo day event. “SUPER HOW?“ was selected as one of the three teams identified by the audience on the basis of originality, completeness, and quality of presentation.
“It was a sprint indeed – from the initial ideation to implementation in a very short period. This is how central bank innovations should be carried out: multiple trials, prototypes, tests, and, dare we say it, failing. Early CBDC implementations around the world have proved one thing – it is not the technical brilliance or narrowly defined policy objectives that make a particular digital currency solution a success. Answering the question of whether it effectively solves a very particular problem for the consumer in a user-friendly fashion is the ultimate criterion for success. Thus, we hope that the use cases we identified in the TechSprint will inform actual implementations in the broader central banking community. I would also like to use this opportunity to thank the organizers for their splendid organization, their professionalism, and their contribution to fostering financial innovations.“ – said Dr. Marius Jurgilas, SVP of Research and Innovations at “SUPER HOW?“ who was leading the project. Before joining “SUPER HOW?” Marius Jurgilas led the BIS Innovation Network CBDC working group and was a member of the ECB High-Level Task Force on the digital euro.
“What we see when talking to partnering institutions is the clear focus to develop compelling use cases of CBDC in payments and other contexts. Systems for tokenized securities transactions and settlements present a highly intriguing application case. The team of “SUPER HOW?” is currently working on the “Axiology” project that aims to develop a regulatory-compliant infrastructure within the scope of the European Union DLT Pilot Regime Regulation. Settlement of tokenized securities requires a tokenized settlement asset. We hope to be able to share more on this exciting project soon,” said Marius Jurgilas.
You can learn more about “Project Rosalind” in the project report.
The Bank for International Settlements (BIS) is an international organisation that serves central banks and other financial authorities across the globe to support their pursuit of monetary and financial stability through international cooperation. It also acts as a bank for central banks. The BIS is owned by 63 member central banks and monetary authorities worldwide. The BIS provides members with a forum for dialogue and broad international cooperation; a platform for responsible innovation and knowledge-sharing; in-depth analysis and insights on core policy issues; sound and competitive financial services. More information here: https://www.bis.org/
BIS Innovation HUB develops public goods in the technology space to support central banks and improve the functioning of the financial system. Multidisciplinary teams from the BIS Innovation Hub are based in Hong Kong SAR, Singapore, Switzerland, London, Stockholm and Frankfurt/Paris; a centre in Toronto will soon open as well. More information here: https://www.bis.org/about/bisih/about.htm?m=3099
"SUPER HOW?" is a private blockchain technology research lab with the status of an innovative Lithuanian company. The company has high competencies and extensive experience in blockchain technology, artificial intelligence, and central bank digital currencies projects. In 2022 "SUPER HOW?" was recognised as the "Fintech Innovator of the Year" in the Lithuanian Fintech Awards. The company is one of the founders of the Blockchain Lithuania Competence Center. More information here: https://www.superhow.com/
Comments