Hedera, a distributed ledger technology platform, has joined Project Acacia, initiated by the Reserve Bank of Australia in collaboration with the Digital Finance Cooperative Research Center. The project aims to explore the development of digital assets in the country.
Hedera's Participation in Project Acacia
Under Project Acacia, initiated by the Reserve Bank of Australia (RBA), Hedera will explore the development of the tokenized asset market in Australia. The project aims to test real-world transactions using digital money and existing settlement infrastructure. Hedera's participation will allow for an examination of how its unique Hashgraph technology can enhance transaction efficiency and security.
Enhancing Innovation in Australia with Hedera
The Australian government aims to research and implement advanced distributed ledger technology (DLT) to shape future financial infrastructure. By integrating Hedera into Project Acacia, Australia seeks to establish itself as a leader in digital assets and tokenized markets, thereby contributing to innovations in the financial sector.
Other Participants in Project Acacia
In addition to Hedera, Project Acacia has shortlisted several other DLT industry participants to oversee pilot use cases for central bank digital currency (CBDC) testing. Notable participants include:
- Redbelly Network: A blockchain platform for compliant on-chain tokenization of real-world assets. - R3 Corda: A platform powering the tokenization of assets and currencies, connecting global markets. - Canvas Connect: A privacy-focused layer 2 network built for finance and the digital economy. - EVM-compatible networks: A blockchain capable of running Ethereum Virtual Machine (EVM) and executing smart contracts.
The Reserve Bank of Australia states that Project Acacia will create opportunities for industries and regulators to work together to reshape financial services while boosting efficiency and fostering economic growth.
