EMTECH, an award-winning software company modernizing central banking infrastructure for financial inclusion and resilience, with blockchain-based platforms, and Hedera Hashgraph, provider of the most used, sustainable, enterprise-grade public network for the decentralized economy, announced today a partnership to develop an enterprise-grade, highly performant, highly secure and energy efficient CBDC (Central Bank Digital Currency) infrastructure product.
“We’re thrilled to collaborate with EMTECH to give central banks around the globe the opportunity to explore realistic ways to bring CBDCs to fruition, and this collaboration will enable a groundbreaking use of the Hedera network and services”
The joint effort will bring together EMTECH’s Ethereum-based CBDC Core Solution and Hedera’s public ledger, targeting a faster, more secure alternative to legacy blockchain consensus mechanisms.
“Blockchain technology and the mechanisms of distributed ledgers are new and important, especially for emerging markets. In developing a cash-like central bank digital currency, we know scalability, resilience and performance are expected,” said EMTECH CEO and co-founder Carmelle Cadet. “This partnership brings both companies’ unique capabilities together, to design modern financial market infrastructures that deliver on those key principles. CBDC is more than a software application, it’s an infrastructure, and we want to get it right.”
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In addition to research and development for low-cost, higher-energy efficiency, and financially inclusive solutions, EMTECH and Hedera Hashgraph will collaborate on ecosystem engagement, innovation, and capacity building around CBDCs, stablecoins, digital assets and distributed ledger technology more broadly, particularly in Africa and the Caribbean.
“We’re thrilled to collaborate with EMTECH to give central banks around the globe the opportunity to explore realistic ways to bring CBDCs to fruition, and this collaboration will enable a groundbreaking use of the Hedera network and services,” said Mance Harmon, CEO of Hedera Hashgraph. “This partnership is about delivering high performance, and high trust. We’re excited to see how EMTECH will meet and exceed the criteria and demands for scalable, secure CBDC solutions.”
EMTECH decided to leverage the Hedera Consensus Service (HCS) because of its flexibility, scalability, decentralization, and sustainability. EMTECH’s Private CBDC Platform will look to leverage the fast, fair, and secure hashgraph consensus algorithm which provides an Asynchronous Byzantine Fault Tolerant (ABFT) ordering service within and between each network.
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“A country’s digital currency impacts its entire economy. It’s critical that the technology powering it is built with security, scalability, resilience, and performance in mind,” said EMTECH Chief Technical Officer Tabor Wells. “It’s exciting to be partnering with Hedera Hashgraph, who shares EMTECH’s commitment to delivering solutions that meet those needs.”
The partnership will further leverage EMTECH’s Modern Regulatory Sandbox to enable safe testing for financial service providers looking to engage regulators on distributed ledger based financial services such as stablecoins and digital assets.
EMTECH’s Modern Central Bank Sandbox Platform, a digital regulatory platform, enables central banks to collaborate with the broader ecosystem of private sector innovators and established stakeholders on one platform to bring fintech technologies to market faster, while addressing key regulatory reporting, risk and innovation challenges.
Hedera’s hashgraph consensus-based public ledger achieves the highest-grade of security possible (ABFT), with ultra fast transaction speeds and low bandwidth consumption to provide high-throughput, low fees and finality in seconds. EMTECH’s Sandbox Platform will offer the Hedera Token Service (HTS) and the Hedera Consensus Services (HCS) for various innovators once launched.
EMTECH was recently named Central Banking Journal 2021 FinTech and RegTech “Finnovator of the Year,” for its Modern Central Bank Sandbox Platform.
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