tl;dr
The Bank for International Settlements (BIS) has launched Project mBridge, a cross-border settlement initiative using tokenized central bank digital currencies (CBDCs). It has entered the Minimum Viable Product (MVP) stage, with the Central Bank of Saudi Arabia joining as the fifth member. The proje...
Project mBridge, an initiative by the Bank for International Settlements (BIS), has entered the Minimum Viable Product (MVP) stage, with the Central Bank of Saudi Arabia joining as the fifth member. This project utilizes an Ethereum-compatible digital ledger developed by China’s Digital Currency Research Institute to facilitate cross-border settlement using tokenized central bank digital currencies (CBDCs).
Tokenization is identified as a revolutionary concept with various potential use cases, including faster cross-border settlement, tokenization of real-world assets, supply chain goods, in-game assets, carbon credits, and educational/professional credentials. The immutability of public blockchains enables benefits such as traceability, transparency, efficiency, increased accountability, and a reduction in fraud.
The article emphasizes the significance of open, permissionless, and interoperable blockchain networks, suggesting that most, if not all, applications utilizing tokens will merge onto one chain in the future. The author envisions a blockchain equivalent of the open internet becoming a reality, driving a true digital revolution with tokenized currencies and assets on a scalable, programmable blockchain.
Project mBridge is one of several projects launched by the BIS, aiming to shake up the existing financial system. Tokenization, particularly in cross-border settlement, is poised to introduce competition for the outdated SWIFT system. The potential uses of tokenization extend to real-world assets, supply chain goods, in-game assets, carbon credits, and educational/professional credentials, among others.
The existence of various competing blockchain networks is likened to the early days of the internet, with the article advocating for open, permissionless, and interoperable networks to drive unprecedented changes, akin to the impact of the open internet. The author anticipates a convergence of applications utilizing tokens onto a single, scalable public blockchain, culminating in the blockchain equivalent of the open internet as a real revolution.
To learn more about central bank digital currencies and design considerations for their creation and launch, the article suggests reading nChain’s CBDC playbook.
For beginners in blockchain, CoinGeek’s Blockchain for Beginners section is recommended as the ultimate resource guide to learn more about blockchain technology.
More about Optical Cable Corporation
Optical Cable Corporation Summary Optical Cable Corporation
Optical Cable Corporation manufactures and sells fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market in the United States and internationally. The company is headquartered in Roanoke, Virginia.
Industry
Manufacturing, Drawing & Insulating of Nonferrous Wire
Financials
Revenue: $22,888,200
EBITDA: $8.35
EPS: -0.0643
Market Cap: $65,237,000
Dividend Yield: 0%
Beta: -0.179