Sovereign Wallet (MetaMUI) main contributor to BIS Innovation Hub Nordic Project Polaris and offline CBDC
In May 2023, the BIS Innovation Hub Nordic Centre published a handbook, discussing the key aspects for CBDC offline payments. Current research and surveys conducted through Project Polaris, the BIS showed a large majority of central banks require offline payments with retail CBDC as a necessity to adopt digital currencies as national legal tender. A survey conducted by the BIS Innovation Hub Nordic Centre shows that 49% of central banks consider offline payments with retail CBDC to be vital, while another 49% deemed it to be advantageous.
Providing offline payments with CBDC is an important requirement for many central banks for reasons such as resilience, inclusion, privacy and cash resemblance. However, its implementation is complex and involves a number of technology, security and operational considerations that need to be planned and designed for at the earliest possible stages.
The handbook provides a comprehensive overview of the key aspects of offline payments with CBDC and is intended to serve as a guide for central banks considering implementing offline payments capabilities.
Among the handbook contributors, private sector technology providers were invited to discuss their solutions covering offline-payment and CBDC related technologies. Sovereign Wallet was the very first responder to meet with BISIH Nordic last year, and presented MetaMUI offline-payment solution.
Sovereign Wallet’s CEO Phantom Seokgu Yun and CSO Cizar Bachir Brahim gave professional insights on the requirements to a successful implementation of CBDC were acknowledged in the BISIH Handbook. Recognized as the only Korean company to participate in the global project represents that company’s commitment in shaping the future of secure, digital identity platforms.
This year, more that 95 % of Central Banks around the world have been conducting a series of CBDC pilot tests in order to expand the scope of how digital currency can reshape their economies. Countries partnered with many well known organizations have showcased their successes and difficulties with implementing their CBDC initiatives for the public.
The BIS handbook is intended to guide central banks in understanding:
- the latest available technologies and security measures
- the risk and risk management measures available
- the privacy issues, inclusion needs, and resilience options
- the design and architecture principles involved
- the potential operational and change management issues
Sovereign Wallet’s unique solution for Offline CBDC requires the sender to register their identity approved by trusted entities such as Bank or Government Agent. Verifying users identity establishes trust between participants and allows them to conduct offline transactions until connectivity is reestablish. The proposed solution utilizes the trusted identity of the sender to help mitigate risk while adhering to privacy policies set by regulatory organizations.
Sovereign Wallet’s involvement in the BIS Handbook for Offline Payments with CBDC, alongside leading global participants, positions the company as a key contributor to the advancement of secure, inclusive, and accessible CBDC solutions. By offering expert insights and sharing its practical expertise, Sovereign Wallet plays an integral role in shaping the industry’s best practices of the potential CBDC brings in both online and offline usage. The collaboration will contribute to the global efforts in creating a trusted digital infrastructure that supports financial inclusion, reduces fraud, and fosters digital innovation.
Sovereign Wallet Co., Ltd. is a state-of-the-art blockchain company with a focus on digital identity solutions, verification, and finance. Founders of the fourth generation blockchain MetaMUI, SWN Global have already conducted the mainnet launch on January 3rd, 2021. The company is headquartered in Seoul, South Korea, with four companies under the name “Sovereign Wallet Network (SWN) Global” present in Singapore, Sweden, and India. By leveraging advanced technologies such as identity blockchain, Sovereign Wallet’s empowers individuals and organizations to take control of their digital identities, ensuring privacy, security, and interoperability.
For more information, please refer to https://www.bis.org/publ/othp64.htm or reach out to us at support@sovereignwallet.network.
