Deutsche Bank has unveiled Project Dama 2—a new level in blockchain technology application for traditional finance. The initiative is part of the Singapore Monetary Authority's Guardian project.
Objectives and Features of Project Dama 2
Project Dama 2 is aimed at addressing compliance challenges on public blockchains. The project enhances existing solutions like Ethereum by focusing on cost efficiency, security, and regulatory adherence.
How the New System Operates
The system uses selected validators that adhere to strict rules, reducing risks when dealing with unverified parties. Technologies like ZKsync accelerate transactions and increase their security. The system also includes 'super admin rights' for regulators to ensure transaction transparency when necessary.
The Future of Finance: Experts' Perspectives
Developed in collaboration with Memento Blockchain Pte. and Interop Labs, the project aims to bridge traditional financial systems with decentralized networks. Boon-Hiong Chan of Deutsche Bank highlights the significant benefits public blockchains could offer if compliance risks are effectively managed. If approved by regulators, a basic version of the project might launch next year.
Deutsche Bank's Project Dama 2 promises to be a significant step in integrating blockchain into traditional financial structures, combining technological innovation with regulatory compliance.
