| Customers: Eesti Pank (Central Bank of Estonia) Financial services, investments and audit Product: Projects based on blockchain technologyProject date: 2020/10
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At the beginning of October, 2020 Bank of Estonia in cooperation with the technology companies Guardtime also SW7 Group started the long-term project on creation national cryptocurrency. Work began with a research of the technology system used by the government of the country.
The purpose of the research project of the Central Bank of Estonia is in studying how suitable can be the solution based on a blockchain of KSI which is key the tekhnologiyeyelektronny government in Estonia, for infrastructure management of digital central bank money.
Within the same project new payment solutions which can become possible thanks to electronic identification and other decisions of the electronic government of Estonia will be studied. The research project does not assume consideration of probability of use of foreign innovative technologies.
Reiner Olt, the head of department of the payment and settlement systems of the central bank, told:
 | Bank of Estonia, being the small central bank, carefully selects in what projects for development of an eurosystem it can make the significant contribution. Estonia for many years was in the lead in respect of implementation of a know-how in management of the digital government which considers priority security, confidentiality and efficiency. This experience gives to us the good grounds for a project startup on a research of technology borders of digital money with technology companies SW7 and Guardtime. The government of Estonia cooperates from Guardtime companies for development of a blockchain for a long time, it is the world leader in this area. |  |
The program of joint surveys will pass in several stages and is originally expected approximately two years. At the first stage it will be defined how to create scalable, almost suitable for use and cryptographic the safe platform for satisfaction of requirements of digital currency of the central bank, including strict requirements to speed, security, confidentiality and stability.[1]
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Notes
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