Ubin: Blockchain Payment Network is Ready for Commercialization
Today is a remarkable day for all bit coiners as the Monetary Authority of Singapore (MAS) and the state investment firm Temasek announced that the long-awaited project Ubin; the Blockchain-based multi-currency payment network has proven its efficacy for commercialization after various tests with more than 30 companies.
This project first began in 2017 with various plans to develop a digitized Singapore dollar; this was the main crux of its creation initially. Then the next procedure was exploring all Blockchain and distributed ledger technology, this was done to build a system for all clearing and settlement of payments, also including many securities using the digital Singapore dollar (SGD).
Developers have painstakingly invested so many resources and time for this Blockchain. This network prototype has been developed in collaboration with Temasek and JP Morgan, and it’s known to enable faster and cheaper international transactions and settlements. Totally in line with the “no cash policy” of most economic predictions by economist the world over.
“So in order to quicken industrial development, technical developments and specifications for the operation and connectivity interfaces of the prototype network have all been made publicly available,” MAS was known to say.
Ubin has various benefits for the country of Singapore and even the world’s economy if adopted. Project Ubin Prototype would pave the way to enable more collaborations with financial institutions, and central banks, this would build better cross-border payment networks, and reduce most bottlenecks as found when transacting regularly.
“This endorses Temasek’s efforts in exploring and building Blockchain solutions that is focused specifically on digital identity, financial asset tokenization and digital currencies. We do look forward to supporting commercialization efforts which emanates from project Ubin and all other application areas, with views to drive adoption Blockchain technology,” said Chia Song Hwee, the Deputy Chief Executive Officer of Temasek.
The payments network prototype was completed by MAS in November 2019. Since then, the authority has been making improvements for its smooth running commercially. We all know consumers do hate hiccups, especially when it pertains to using Blockchain for numerous transactions.
Nonetheless, Ravi Menon, the managing director of MAS has stated his country would be willing to collaborate with China to experiment with the central bank digital currency. And apart from the government-backed Blockchain projects, all of Singapore’s private institution is also wholly interested in Blockchain, and booming with it as well.
For the past year, Singapore has generated a 50% net profit from the numerous Blockchain companies across the country.