3 new blockchain payments prototypes: Singapore’s de facto central bank

Recently, Singapore’s de facto central bank declares new details about its financial application’s research of blockchain technology.

The Association of Banks of Singapore (ABS) and Monetary Authority of Singapore (MAS) trade group unveils today that the new set of distributed ledger prototypes that forms the second phase of “Project Ubin”. The initiative, that began with the intention of examining the tokenized version of the Singaporean dollar could be created.

Till now, the MAS took a proactive approach to its work with blockchain compared to some central banks.  2015, when the regulator reveals that it was looking at uses includes leveraging the tech for record-keeping purposes.

Also Read: Blockchain Technology Deployment – IBM overtake Microsoft

As the regulatory explains,

“The three software models developed are amongst the first in the world to implement decentralized netting of payments in a manner that preserves transactional privacy. Existing netting programmers used in inter-bank payments rely on a single payment queue visible to the operator to find offsetting payments. Decentralizing the queue, however, potentially exposes payment details to an unauthorized party. The latest models in Project Ubin achieve a superior combination of decentralization and privacy”.

Sopnendu Mohanty, regulator’s chief fintech officer expressed hope that release would spark further research developments.

Mohanty says,

“We are sharing our learning’s and knowledge from Project Ubin to encourage greater experimentation amongst central banks and financial institutions. We look forward to working with other central banks on the use of DLT for cross-border applications”.

The latest development from the MAS that finds shaping its Blockchains strategy. Since, MAS officials release a statement on initial coin offerings (ICOs). Moreover, the MAS believe that some tokens sales fall under the definition of a securities offering, triggering reporting requirements for those involved.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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