WHAT IS PROJECT UBIN: SINGAPORE CENTRAL BANK USING BLOCKCHAIN

  • This project has a chance to make a significant change as the MAS partnered with a number of financial institutions and enterprise blockchain technology companies.

    MAS Monetary Authority of Singapore and Singaporean financial institutions are known for their efficiency. As such many countries worldwide are coping with them so when MAS officially began to engage into exploring DLT distributed ledger technology is a clear sign that this trend will be followed by many others.

    We also know that so far MAS partnered with: ConsenSys Solutions, JP Morgan’s Quorum to create Project Ubin. so fat it proved to be unrivalled success and has implemented real-time gross settlement (RTGS) solution and prevented any single points of failure. We know now that Project Ubin even as a prototype has changed institutional infrastructure in Singapore.

    Their experimentation with DTL technologies is aimed at increasing transparency and heightening efficiencies. This will be a clear signal to countries worldwide to join the race while MAS solidifies their rightful place at the forefront of banking innovation and industry leadership.

    Challenge of modern Time

    MAS sought to answer the question of where the future chalanes will lead and created a couple of blockchain use cases.

    Enterprise Ethereum Solution

    MAS partnership with a team made of international banks, companies doing in DLT , and blockchain companies.

    Phase 1 consisted of a research and feasibility study around lucrative blockchain technology.

    They explored:
    • 1. What are good and bad sides of making a coin for a central bank currency
    • 2. Fast payment settlements between local banks
    • 3. Possibilities to create cross-border transactions
    • 4. New ways of paying digitization


    Phase 2 was centered on daily use of blockchain and enabling RTGS.

    Phase 3 Researched an option to make a coin based on national currency and realizing cross-border payments through blockchain technology.

    Goals Achieved

    During phase 2, MAS and it’s partners successfully showed that a tokenized Singaporean dollar could function for daily transfers between-banks.

    Project Ubin’s results proof of concept is showing that inter-bank transactions, cross-border remittances, and tokenized securities can be settled with DLT. This is a big way forward for blockchain becoming mainstream and proof of concept has proven to be a success and as such we can feel confident that it will continue to grow and gain popularity.

    Stay tuned!
    Aleksandar JELIC
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