MAS Blockchain-based Payment Network ‘Project Ubin' Completes Final Phase Before Commercial Roll Out

The Monetary Authority of Singapore (MAS) and Temasek have since tested the commercial viability of “Project Ubin” and now aims to ensure its “adoption and live deployment of blockchain technology.”

Singapore authorities announced on Monday that they had developed a blockchain-based payments network to enable faster and cheaper international settlements. For the final phase – the commercial roll-out, they tested it with more than 40 companies, which proves its commercial potential.

“The next leap will be in implementing live commercial solutions to solve real-world challenges.”

Launched in 2016, the “Project Ubin” took years to develop. For the final phase of the multi-currency payments network’s prototype, the Monetary Authority of Singapore (MAS) teamed up with JP Morgan and state investor Temasek.

As per the report released today, the prototype was validated through workshops with more than 40 financial and non-financial firms.

The commercial applications of the prototype include foreign currency exchange, cross-border payment in multiple currencies, smart contracts for escrow and trade, and settlement of foreign currency-denominated securities.

The prototype of the Project Ubin can also potentially pave the way to enable more collaboration with not only financial institutions but also central banks to build better cross-border payments networks, the report said. Chia Song Hwee, Deputy Chief Executive Officer of Temasek said,

“Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance.”

“This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies, and financial asset tokenization. We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, intending to drive greater adoption of blockchain technology,” he added.

MAS and Temasek also said that they would make some of the technical specifications of the prototype network available to the public to spur industry development.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,262FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Is Bitcoin Out of the Woods Yet or Are We Looking for Deeper Losses?

This week has been somewhat of a whirlwind. We entered the week on a negative note, with a weak performance on the past weekend. On...

Despite Regulatory Uncertainty, Huobi Exchange Launches A Mobile Trading App for Russian Users

Huobi, one of the leading crypto exchanges, launches a mobile trading app for its Russian customers. The new mobile trading app would allow Russian...

Parity Technologies Releases Substrate 2.0 to Build Custom, Scalable Blockchains Interoperable with Polkadot

Substrate has achieved a major milestone; the blockchain framework has released version 2.0, which is also compatible with Polkadot, which, along with Kusama, is...

Bureau Of Fiscal Service Revisits Blockchain Technology Development To Streamline Grants

The Bureau of Fiscal Service, BFS, is focusing its energies on innovative technologies such as blockchain technology in a bid to enhance the government’s...

Lightning Network's Ready for the Next Step in its Evolution; Bitcoin Capacity Across Channels Hits Peak

The cumulative capacity across all channels on the layer 2 solution of bitcoin Lightning Network has hit an all-time high at 1,106 BTC, worth...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today