Singapore authorities revealed that they have developed a blockchain-payment network that would enable faster and cheaper international settlements. According to the Reuters report, the blockchain project is ready for commercial rollout. The final phase of the blockchain-based payments project dubbed “Project Ubin” saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network.
The commercial application for the project includes cross-border payments in multiple currencies.
MAS and Temasek said in a joint statement that an international settlement network, which is modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels. The tech giants noted that the commercial applications of the prototype include cross-border payments in multiple fiat currencies, foreign currency exchange, and settlement of foreign currency-denominated securities and other use cases. MAS and Temasek said they would make some technical specifications for the prototype network available to the public in order to spur further industry development. Blockchain technology is currently being used in many sectors across countries.
Singapore witnessed over 50% growth in blockchain companies.
According to the Infocomm Media Development Authority (IMDA), supported by a Singaporean governmental agency, there has been significant growth in the blockchain sector. There are a total of 234 blockchain-based companies in Singapore represented across 26 categories on the map published by IMDA. That’s 91 more companies represented now versus last year, indicating growth above 50%. The blockchain technology that underpins cryptocurrencies is being used in fields like healthcare and logistics in many countries as government and private companies come to realize the true potential of modern technology. As reported earlier, Japan also witnessed a 30% growth in the blockchain sector since last year. The Monex Crypto Bank’s report revealed that as of May 2020, there were 430 blockchain companies in the country, a 30.7% rise from the 329 companies reported in July last year.