Quant Network has been a vital part of Project Rosalind, a collaborative initiative led by the Bank for International Settlements (BIS) and the Bank of England.
Project Rosalind, directed by the BIS Innovation Hub London Centre, aimed to test how APIs could facilitate retail payments in CBDCs and support exploring innovative use cases. The project embraced a public-private sector collaboration model, with the public sector providing core infrastructure and the private sector developing consumer-facing applications.
Through collaborations with various ecosystem participants, Project Rosalind demonstrated that APIs could enhance payment functionality and security within CBDC systems.
Project Rosiland Outcomes
One of the significant outcomes of Project Rosalind was the exploration of use cases that tested how CBDCs could support a more digitalized economy. This innovative approach paved the way for the future of digital currencies.
Quant actively contributed to the design and development of API functionalities, promoting innovation and enabling programmability within CBDC systems. Gilbert Verdian, Quant’s Founder and CEO, emphasized the potential of CBDCs:
“For the first time, money is ready for the digital age. A CBDC will enable citizens and businesses to automate cumbersome payments and processes and implement logic into money.
For commercial banks and other institutions, the opportunity to apply this programmability to create innovative new products that differentiate themselves from challengers and competitors is almost endless. We encourage every bank and financial institution to read the Project Rosalind report and start planning their smart money infrastructure strategy.” – Gilbert Veridan.
Quant’s Role
With its expertise in blockchain technology and finance, Quant played a critical role in Project Rosalind. The company provided the necessary underlying infrastructure, a blockchain platform, secure smart contracts, and interoperability of central bank ledgers. Quant ensured the successful development of the frontend Rosalind API layer.
The London Innovation Hub Centre
The BIS Innovation Hub established the London Centre in 2021 as one of six international nodes working to develop public goods in the technology space, specifically to support central banks and enhance the functioning of the financial system.
The London Innovation Hub Centre, in collaboration with Quant and other partners, has been at the forefront of driving CBDC research and innovation, contributing to the advancement of the global digital economy.
Conclusion
Quant’s involvement in Project Rosalind has underscored the critical role of APIs in advancing central bank digital currencies. Through its collaboration with the BIS Innovation Hub and the Bank of England, Quant contributed to the successful exploration of innovative use cases, promoted programmability within CBDC systems, and developed essential API functionalities.
The findings and outcomes of Project Rosalind provide valuable insights for financial institutions, central banks, and stakeholders as they navigate the future of CBDCs and embrace the digital transformation of the economic landscape.
