A brief introduction to the problem space, The Federal Reserve and the White Paper and the Object Management Group.
The U.S. Federal Reserve (The Fed) published a White Paper on Money, and Payments: The U.S. Dollar in the Age of Digital Transformation1), which provided a discussion and analysis of Central Bank Digital Currency (CBDC).
The Object Management Group® (OMG®), founded in 1989, is an international not-for-profit software consortium (aka Standards Developing Organization (SDO) or a Voluntary Standards Consensus Body (VSCB)) that sets standards in the many areas including distributed object computing. The OMG manages an open, vendor-neutral process that proposes technologies, and invites proposals, and feedback from any member company before coming to a consensus on a final adopted specification standard. Some standards the OMG has developed for specific domains such as CORBA®, SysML®, UML®, and IIOP®. OMG has a fast-track approval agreement with the International Standards Organization (ISO) and all OMG standards are written in ISO format.
In addition to the work OMG has done on industry-wide standards, OMG is very active in 26 vertical markets, including Business, Finance, Government, Healthcare, Manufacturing, Military, Robotics, Space, and Telecoms.
The following OMG standards have been identified as relevant to Distributed Systems by the DARPA funded Distributed Immutable Data Object - Reference Architecture (DIDO-RA):
The OMG's CBDC WG reached out to its members to solicit an overall OMG's CBDC WG response to the White Paper. Two other groups within the OMG are interested in providing extensive information in response to The Fed's request for Public Outreach.
Table 1 provides a list of OMG groups that would have interest in the U.S. Based CBDC.
|Blockchain Platform Special Interest Group (PSIG)
The Blockchain PSIG is to work with OMG domain and platform task forces, other relevant OMG SIGs, external entities, and related industry groups to facilitate the submission and adoption of Distributed Ledger Technology (Blockchain) and related standards.
In order to accomplish this mission, the Blockchain PSIG will:
|Government Domain Task Force (DTF)
The Government Domain Task Force was chartered in the OMG's Domain Technology Committee Plenary, on 17 February 2006 during the Technical Committee meetings in Tampa FL.
|Retail Domain Task Force (DTF)
The Retail Domain Task Force (RDTF) is a community dedicated to helping retailers and solution providers identify, adopt and integrate current and emerging information technology. The RDTF was originally founded in 1991 as a share group for retail CIOs and then incorporated in 1993 as the Association for Retail Technology Standards (ARTS). ARTS was subsequently acquired by the National Retail Federation (NRF) in 1998; the Object Management Group® (OMG®) and NRF entered into a long-term agreement to manage and develop the retail standards in 2017.
To increase the benefits and reduce the costs, risks, and timescales of using Information Technology within the retail sector by:
The members of the Object Management Group's (OMG) CBDC WG have produced a single response to the Federal Reserves White Paper “ Money, and Payments: The U.S. Dollar in the Age of Digital Transformation”10). The White Paper was divided into two main sections: Discussion of a Central Bank Digital Currency (CBDC), and specific questions about the potential of a U.S. CBDC. The questions were further categorized into two main areas: CBDC Benefits, Risks, and Policy Considerations; and CBDC Design Considerations. The OMG's CBDC WG response was written as a series of small sections using a Wiki and then printed as a PDF for submission back to the Federal Reserve. After the submission to the Federal Reserve, the contents of the Wiki are publicly available on the Internet. In order to relate the two sections, the OMG's CBDC WG first analyzed the Discussion portion of the White Paper for "Desirements" (the white paper was not written as a requirements document, therefore the use of the term “Desirements”11)). Each of the “Desirements” was classified as being a:
Each Desirement was numbered, referenced to the original page number in the White Paper, and listed in appropriate tables as a quick reference. Finally, each of the 22 questions was answered using the “Desirements” as context back to the discussion portion of the White Paper. As the answers to the questions were formulated, some Common Elements were identified and made into independent subsections for reuse in the formulation of the answers to multiple questions.