The post DLT Platform Hedera Joins Project Acacia to Explore Digital Finance in Australia appeared first on Coinpedia Fintech News
Project Acacia, a joint initiative between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Center (DFCRC), has now incorporated several industry participants, including Hedera. On July 10, the distributed ledger technology (DLT) platform, Hedera, joined the RBA project to explore the evolution of digital assets in Australia.
Hedera Participated in Project Acacia
With Hedera’s participation in the RBA initiative, Project Acacia aims to explore the development of the Australian wholesale tokenized assets market with digital money and the existing settlement infrastructure. Driven by Hedera’s utility of Hashgraph technology, for faster, more secure, and more efficient transactions, Project Acacia aims to test real-world transactions.
Furthermore, the RBA and DFCRC seek to understand how Hedera’s capability of unique technology in digital money and settlement methods can enhance efficiency, transparency, and reduce risks in Australia’s wholesale financial markets.
Improving Innovation in Australia with Hedera
The Australian government strives to research and embrace the use of advanced digital ledger technology (DLT) for the future financial infrastructure. By placing Hedera as a government-backed participant to guide Project Acacia, Australia aims to position itself as the leader in digital asset settlements and tokenized markets. All these factors also contribute to its leading position in innovation.
Other Industry Participants in Project Acacia
Besides Hedera, Project Acacia shortlisted a couple more DLT industry participants to oversee pilot use cases for central bank digital currency (CBDC) testing. All the selected platforms excel in their own field, making Project Acacia’s goal more plausible to achieve.
- Redbelly Network: A blockchain platform designed for compliant on-chain tokenization of real-world assets.
- R3 Corda: DKT platform powering the tokenization of assets and currencies, connecting global markets.
- Canvas Connect: A privacy-focused layer 2 ZK network built for finance and the digital economy.
- EVM-compatible networks: A blockchain that can run the Ethereum Virtual Machine (EVM) and execute smart contracts for Ethereum.
Final Thought
The Reserve Bank of Australia (RBA) stated that Project Acacia will allow industries and regulators to work together to reshape the financial services industry, while boosting efficiency and fostering economic growth. Australian Securities and Investments Commission (ASIC) highlighted that the participants will explore opportunities and tackle risks in the digital assets space.
