Auditable Oracles for CBDC Adoption and Use Facilitation

We propose the creation of a decentralised Oracle network on Ripple, where automatic auditability will ensure that SMEs could set up their custom-made Oracles in a fast and cheap manner.

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Inspiration

We have been interested in CBDC ever since our participation in the Monetary Authority of Singapore CBDC Challenge back in 2021. As a team we are very excited about the potential a DLT payment solution can have on the economy, especially in terms of trust building and contract automatic executions. We are fully aware of the difficulties a fully functioning CBDC would face, as well as the threats to society it may create. However, we firmly believe that those issues may be fully mitigated with the right set of architectural decisions, and a bit of help from brilliant engineers. Trying to correctly identify challenges and articulate coherent and harmonious solutions is what brought us to this Hackathon.

Business Architecture Studio

Our view is that new technologies call for new and improved business models. Further, we know that integrating those technologies within the legal, social, and environmental context of the modern times is a difficult task. Multiple moving parts, several goal posts, fast technological change, and a small resource pool is the usual complexity most businesses face today. The aim of our Business Architecture Studio is to provide a novel perspective towards successful integration of new technologies, taking into consideration multiple internal and external factors.

Our view on the current Hackathon

DLT is a game changer. The technology is mature enough, and in the face of Ripple it has one of its brilliant champions. Nowadays, creating applications on Ripple, and especially Ripple CBDC Platform, is not about technological excellence, but innovative business use. In that respect our applications to this Hackathon are centered on scalable solutions that are well integrated within the legal framework for payments, and their ease of use has been a prime concern of ours.

On the Ideation Phase

In Phase I of Ripple CBDC Innovate we are providing a broad description of the specific issue the CBDC roll-out would face, review of the current alternatives, and how XRPL could be used to better address those issues. As such our main focus is the underlying logic of the solution, not its technical completion. If we are selected to advance further, there would be time and resources (courtesy of Ripple) to advance on the development side as well.

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