Singapore’s key banking concern has published a post-trail analysis of its blockchain endeavor that saw digital tokens of the national currency issued on a mortal Ethereum blockchain.
A newly published report by the Monetary Authority of Singapore (MAS), reveals details of ‘Project Ubin’ its blockchain assay “which places a tokenized shape of the Singapore Dollar (SGD) on a distributed ledger” platform. The projection is a business office of the key bank’s joint-endeavor amongst blockchain consortium R3, which notably launched the ‘R3 Asia Lab’ inward Singapore inward November. Soon after, the key bank announced the evolution of a blockchain proof-of-concept airplane pilot to facilitate interbank payments. The projection was Project Ubin, earlier it got its name. In March this year, the MAS completed the outset stage of that airplane pilot together with revealed the token powering the interbank blockchain platform – a key bank-issued digital currency. Participating banks deposited cash every bit collateral inward substitution for these digitized dollars, amongst payments together with transfers betwixt fellow member banks settled using the MAS-issued digital currency. Ultimately, the banks would swap the digital currency to cash. A Private Ethereum Blockchain
Now, inward its written report that goes amongst the tagline “The futurity is here”, the MAS has detailed findings of Project Ubin.A technical excerpt from findings of Phase 1 of its pilot, which successfully completed the proof-of-concept (PoC) projection points to:
A working interbank transfer image on a mortal Ethereum network…(and) successfully conducted end-ot-end integration betwixt the mortal Ethereum network together with MEPS+.
MEPS+ is the key banking concern operated Electronic Payment System, the national payments rails platform which enables domestic together with international payments inward Singapore.
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The key banking concern likewise tested JPMorgan-developed Quorum, a mortal permissioned implementation of Ethereum amongst an enhanced focus on information privacy. One of the key observations include: - Quorum replaces the proof-of-work consensus model amongst a voting-based model.
- Throughput was observed to survive higher compared to the base of operations Ethereum protocol.
Ultimately, a summary of the findings from Phase 1 concluded that it “was successful every bit it brought together a broad hit of parties (including non-R3 fellow member banks, R3 fellow member banks, the Singapore Exchange together with BCSIS every bit a technology provider).
The MAS likewise revealed that it likewise borrowed from Project Jasper, a similar assay undertaken yesteryear its Canadian counterpart, the Bank of Canada.
“Specifically, the architecture, code together with lessons learned from Project Jasper were considered together with applied to the Singapore context for Project Ubin,” the report’s authors wrote.
The side yesteryear side phases of the projection would focus on “securities short town yesteryear developing DvP (Delivery versus Payments) together with Cross-border payments (PvP)”, the written report concluded.
“We await forwards to the side yesteryear side phases of our projection which volition railroad train case applications for securities short town andcross-borderr payments,” stated the key bank’s Fintech master copy Sopnendu Mohanty.
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