Project Pine’s Smart Contract Innovation Boosts Central Bank Efficiency

The New York Federal Reserve’s Innovation Center, in collaboration with the BIS Swiss Center, has unveiled Project Pine, a groundbreaking prototype transforming central bank operations. This innovation, leveraging smart contracts to simplify wholesale markets, successfully demonstrated high-speed processing of interest payments, open market operations, and emergency liquidity support. Rigorous testing across ten historical scenarios consistently met required liquidity levels within milliseconds.