The European Central Bank (ECB) has completed a blockchain experiment for its central bank digital currency (CBDC) in collaboration with Zama, according to Nigel Smart, the firm's chief academic officer. The experiment focused on blockchain-based liquidity matching, a process that ensures banks' financial inflows and assets align with their outflows and liabilities. However, Smart highlighted that liquidity matching remains a challenge when multiple parties transact on the same blockchain network. Zama, which recently secured $73 million in Series A funding, is developing Fully Homomorphic Encryption solutions for blockchain and AI.