Introduction
Project Rosalind Techsprint stands as a remarkable milestone in the world of Central Bank Digital Currency (CBDC) innovation and use case prototyping. SUPER HOW? actively participated in the BIS Innovation Hub London Centre's Techsprint, leveraging the API functionality of "Project Rosalind." This case study explores SUPER HOW?'s role in producing innovative CBDC use cases and its recognition as one of the top three teams, identified by the audience for their originality, completeness, and the quality of their presentation.
Challenge
The challenge addressed by Project Rosalind Techsprint was to explore and develop practical CBDC use cases that could redefine the way digital currencies are used in the context of international travel. With the increasing importance of CBDCs and the evolving landscape of digital payments, the need to create secure, user-friendly, and versatile CBDC solutions was paramount. In a four-week time frame, participating teams had to develop fully working prototypes and present them to the BIS audience.
Solution
SUPER HOW? approached the challenge by creating a set of four compelling CBDC use cases. These use cases demonstrated how a traveler in a foreign country could utilize a dedicated mobile application to set up an e-SIM on their smartphone, unlocking a world of secure payment options, both online and offline. Furthermore, the app allowed travelers to securely store CBDCs with a predefined time limit for spending the funds.
The four key use cases were:
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Traveler Onboarding: Travelers in a foreign country could use an app to set up an e-SIM on their phone, enabling them to make secure payments in real-time. This seamlessly bridges the gap between digital currencies and everyday transactions, whether dining at a local restaurant or shopping at a foreign market.
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Offline Transactions: Even in areas with limited connectivity, travelers could use their smartphones to engage in secure offline transactions while making payments at the counter or receiving payments, ensuring uninterrupted access to funds.
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Private Payments: In situations where discretion and privacy are needed (e.g., paying for mental health services), the wallet user can make payments while preserving their rights in a compliant way.
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Time-Limited CBDC Deposits: CBDCs stored within the Central Bank had a predefined time limit, encouraging users to spend their digital funds and actively participate in the local economy.
Recognition and Achievement
SUPER HOW? achieved significant recognition during Project Rosalind Techsprint. The team's innovative use cases, originality, completeness, and the quality of their presentation were acknowledged by the audience. As a result, SUPER HOW? was selected as one of the top three teams, showcasing their expertise in CBDC innovation and use case prototyping.
Conclusion
Project Rosalind Techsprint exemplified the potential of CBDCs to revolutionize international travel and digital payments. SUPER HOW?'s participation and recognition in this initiative underscored its commitment to advancing the future of digital currencies. The use cases developed during this event have the potential to reshape the way we use digital currencies during our global journeys, offering security, convenience, and time-bound financial flexibility.
