Hedera Hashgraph and EMTECH announced its partnership today to develop an enterprise-grade, highly performant, highly secure, and energy-efficient CBDC (Central Bank Digital Currency) infrastructure product.
HEDERA is the most widely utilized, self-sustaining, enterprise-grade public network for the decentralized economy. EMTECH is an award-winning software company modernizing central banking infrastructure for financial inclusion and resilience with blockchain-based platforms.
The partnership will bring together EMTECH’s Ethereum-based CBDC Core Solution. Also, Hedera’s public ledger to create a faster and more secure alternative to traditional blockchain consensus techniques.
Carmelle Cadet, CEO and co-founder of EMTECH, stated that Blockchain technology and distributed ledger systems are new and crucial. More importantly for emerging countries. They understand the importance of scalability, resilience, and performance while designing a cash-like central bank digital currency.
He went on to say that this agreement brings together the unique talents of both firms. This is in order to create modern financial market infrastructures that adhere to those core principles. CBDC is more than a software program; it’s a system, and they have to get it right the first time.
EMTECH and Hedera Hashgraph’s Collaboration
EMTECH and Hedera Hashgraph will work collaboratively. They will work on ecocentric engagement, development, and capacity building around CBDCs, stablecoins, digital products, and distributed ledger technology in general. This is particular in Africa and the Caribbean, with regard to research and development for low-cost, higher-energy-efficiency, and financially inclusive solutions.
Mance Harmon, CEO of Hedera Hashgraph, expressed his delight at the opportunity to engage with EMTECH to investigate realistic approaches to bring CBDCs to life. He also added that this collaboration will enable a pioneering application of the Hedera network and services.
He went on to say that the goal of this cooperation is to deliver high performance as well as high trust. Furthermore, they’re ecstatic to see just how EMTECH can match or exceed the market’s demand for reliable, secure CBDC solutions.
EMTECH on Hedera
EMTECH chose the Hedera Consensus Service because of its flexibility, scalability, decentralization, and long-term viability (HCS).
EMTECH’s Private CBDC Platform will use the fast, fair, and secure hashgraph consensus technique. This technique provides an Asynchronous Byzantine Fault Tolerant (ABFT) ordering service within and between each network.
Tabor Wells, EMTECH’s Chief Technical Officer, stated that a country’s digital currency has an impact on its entire economy. It’s vital that they create the technology that powers it with security, scalability, resilience, and performance as top priorities.
Hedera on EMTECH
Hedera Hashgraph said it’s fantastic to be working with them. They share EMTECH’s dedication to developing objective based solutions.
The partnership will also make use of EMTECH’s Modern Regulatory Sandbox. This is to allow financial service providers to safely test distributed ledger-based financial services. These services include stablecoins and digital assets with regulators.
On EMTECH’s Modern Central Bank SandboxTM Platform, central banks can collaborate with a broader ecosystem of private sector innovators and established stakeholders. Modern Central Bank SandboxTM Platform is a digital regulatory platform. This is to bring fintech technologies to market as quickly as possible while trying to address key regulatory reporting, risk, and innovation challenges.
Hedera’s hashgraph consensus-based public ledger achieves the maximum level of security (ABFT). All this while delivering high throughput, minimal costs, and finality in seconds. EMTECH’s Sandbox Platform will provide innovators the Hedera Token Service (HTS) and Hedera Consensus Services (HCS) upon launching.
For its Modern Central Bank SandboxTM Platform, EMTECH was named the new Central Banking Journal 2021 FinTech and RegTech Finnovator of the Year.
