Details Emerge on Singapore Central Bank's Blockchain R&D Jul 24, 2017 at 04:30 UTC by Michael del Castillo
The Monetary Authority of Singapore has revealed a three-step plan to connect the worlds central banks via distributed ledger technology.
The two-phase effort called "Project Ubin" would see global central banks settling cross-border transactions in real time via a blockchain.
Unlike the current system, where only high-value or institutionally crucial transactions are settled in real time, Project Ubin is being designed to let make every cross-border payment and security settlement almost instant.
By tokenizing global currencies and protecting the privacy of each transaction using zero-knowledge proofs, Intels software guard extensions, or other means currently being explored, the new system of self-executing smart contracts could increase both the speed and privacy of international transactions.
But Project Ubin built in partnership with banking consortium R3 and banks including Bank of America Merrill Lynch, Credit Suisse, JPMorgan and Mitsubishi UFJ Financial Group is about more than just remittances.
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