2017-06-09 03:25 PM
Anthony Coggine
Singapore Central Bank to Use Blockchain Tech for New Payment Transfer Project
With many countries’ key banks as well as authorities regulators exploring the possible role of Blockchain engineering inwards their existing systems, Singapore has gone ahead and conducted a post-trial analysis to exam out the effectiveness of the organization for their operations.
According to a report published past times the Monetary Authority of Singapore, the projection is known every bit “Project Ubin.” It is a Blockchain projection that aims to practise a digital token version of the Singapore dollar. The projection is a partnership betwixt the key banking concern and R3 consortium aimed to adopt the Ethereum Blockchain technology for interbank money transfers.
Project Ubin
Project Ubin has been inwards displace since March 2017, alongside the outset stage already completed. The organization allowed banks to swap digital currencies or cryptocurrencies for cash, which is what the key banking concern aims to practise inwards the future.
While stage i was near transferring currency from a someone Ethereum network as well as an MEPS+ system, stage 2 would focus to a greater extent than on security implementation for delivery of payment.
Phase one, which used MEPS+, turned out to endure a success, as well as it was concluded that it was possible to transfer money through to a greater extent than than i banking concern as well as a someone Ethereum server effectively.
The adjacent phase, on the other hand, would include working on the creating delivery versus payments as well as cross-border payments features, which would aid inwards fully securing the organization as well as ensuring the security of the currencies existence transferred to as well as from points.
Major banks interested
Aside from Singapore’s key bank, in that location convey been many other banks that convey already started out alongside Blockchain technology.
There convey been banks that convey been looking into Blockchain engineering every bit early on every bit final year. According to a report by Reuters, i of the outset banks to explore this engineering was the Bank of America which partnered with Microsoft to integrate Blockchain technology.
CNBC also reported that Japanese banks were too adopting Blockchain engineering simply this year. These include AEON Bank, Nomura Trust as well as Banking as well as Mizuho.
These are but a few of the big names that convey already started to guide house this novel technology. As cryptocurrencies evolve, experts predict that Blockchain engineering will, inwards fact, spread out through unlike industries fifty-fifty exterior of the banking as well as fiscal sector. However, the banks as well as fiscal sectors volition definitely spearhead the outset wave.
