Monetary Authority of Singapore reveals 3 new blockchain-based prototypes

posted 12 days ago
Singapore's de facto central bank has disclosed new details about its research into financial applications of blockchain technology.

The Monetary Authority of Singapore (MAS), along with the Association of Banks in Singapore (ABS) trade group, today unveiled a new set of distributed ledger prototypes that form the second phase of "Project Ubin," an initiative that began last year with the goal of testing how a tokenized version of the Singaporean dollar could be created.

To date, the MAS has taken a more proactive approach to its work with blockchain compared to some central banks. Its research dates back to as early as 2015, when the regulator revealed that it was looking at uses that included leveraging the tech for record-keeping purposes.

Based on new statements, Project Ubin has grown to include prototype tools from all parts of the interbank settlement process.

As the regulator explained:

"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 programmes 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."
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