Singapore has developed a blockchain-based payments network that allows payments to be carried out in several currencies on the identical network, the Monetary Authority of Singapore (MAS) and funding firm Temasek mentioned yesterday.
The network prototype - which is on observe for business adoption - can function a take a look at network to facilitate collaboration with different central banks and the monetary business for creating next-generation cross-border payments infrastructure, the authority mentioned.
The network was developed by MAS, in collaboration with JPMorgan and Temasek.
A report on the ultimate part of Project Ubin, a collaborative venture between Singapore’s central financial institution and the monetary business to check using blockchain and distributed ledger know-how for clearing and settlement of payments and securities, was printed yesterday.
The report examined using blockchain know-how in business purposes throughout totally different industries, and the way these purposes may benefit from integrating with the blockchain-based payments network prototype.
The business purposes of the payments network prototype embody cross-border payments in a number of currencies, overseas forex trade, settlement of overseas currency-denominated securities, in addition to integration with different blockchain-based platforms to allow end-to-end digitalisation throughout many industries and use circumstances.
Technical specs for the functionalities and connectivity interfaces of the prototype network have been made publicly obtainable to spur additional business growth.
The advantages of blockchain know-how in business purposes throughout totally different industries have been validated by workshops carried out with greater than 40 corporations engaged in part 5, or the ultimate part, of Project Ubin.
Among the use circumstances examined and detailed within the report are these in capital markets, commerce and provide chain finance, insurance coverage, in addition to different areas of providers reminiscent of media and promoting and wage payments.
For instance, for medical insurance claims, the payments network might assist assist automated launch of cost upon completion of healthcare providers supplied by the hospital.
Other doable advantages to be explored embody real-time monitoring of quantities owed by the affected person for subsequent medical therapies, which might assist sufferers make better-informed healthcare selections.
MAS chief fintech officer Sopnendu Mohanty mentioned the venture has constructed a powerful basis of information, experience and expertise and paved the way in which in the direction of business adoption.
“Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology,” he mentioned.
Temasek deputy chief govt Chia Song Hwee mentioned the ultimate part of Project Ubin has demonstrated the business applicability, viability and advantages of blockchain know-how throughout industries, past capital markets and commerce finance.