Singapore’s blockchain-based payment network that allows faster and cheaper international settlements are ready for a commercial rollout, the authorities announced today.
In the final phase of ‘Project Ubin’, the years-long project, the Monetary Authority of Singapore (MAS) joined hands with Temasek, a state investor and J.P Morgan to develop the prototype multi-currency payments network.
“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels.” Joint Statement by MAS and Temasek
They explained the various commercial applications of the prototype including foreign currency exchange, cross-border payments in multiple currencies, and settlement of foreign currency-denominated securities among other use cases.
A digital ledger of transactions, Blockchain has leaped to prominence as the technology that underpins the first digital currency, bitcoin. Since then, it has attracted global attention because it can be used to track, record and transfer assets across all industries.
In order to stimulate further development of the industry, MAS and Temasek stated that they would make some of the technical specifications for the prototype network available to the public.
