The Central Bank of Singapore gives insights into their blockchain plans!!!
The Central Bank of Singapore has announced a two-phase plan that describes how all central banks around the world can be connected to each other via Distributed Ledger Technology (DLT).
The project, which is to enable cross-border transactions in real-time via blockchain, is called "Project Ubin". In contrast to the current central bank system, where only institutional or high-priced transactions are carried out in real time, the Ubin project is to process all transactions in near real-time.
In order to achieve safety standards like cryptocurrencies, the global Fiat currencies are to be tokenized. Combined with Smart Contracts, speed and security are to be significantly improved.
The Ubin project maintains support from the R3 consortium and was first announced on 16 November 2016. The paper describes how trying to tokenize the Singapore Dollar with the aid of DLT. R3 research results, such as the Casper project, have been tested in similar ways in Canada to build a prototype on the ethereum blockchain.
The DLT processing system with the name MEPS + will ultimately be linked to the existing settlement system (Real-Time Gross Settlement System). In order to implement this as smoothly as possible, in the first phase, the existing transactions are compared with the future DLT transactions and algorithms or checked for interfaces and compatibility.
To enable this transformation process, various technologies and software solutions are tested. So-called zero-knowledge proofs, secure multi-party calculations similar to the MIT Enigma project, Intel's protection software (SGX) and Microsoft Azure technology are investigated.
If this phase were to be completed with useful results, the second phase would examine how other institutions, authorities and financial service providers could be integrated into the new settlement system.
One of the key challenges in this project will be scaling and data protection. It is expected to go into the country for some time to come to an employable central bank crypt diet based on the Singapore dollar.
If you would like to learn more about the technical details, you can look at the report, which was written by Deloitte, just click on the link below.
http://www.mas.gov.sg/~/media/ProjectUbin/Project%20Ubin%20%20SGD%20on%20Distributed%20Ledger.pdf
I hope that all the information above will be useful for you.
If you have more information please leave it in the comments.
Lovely regards
@danyelk
👉
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Edit: had a look at the PDF. It's things like this that just drive home now revolutionary blockchain already is, and is still going to be for the world. Bitcoin is going to grow more and more in value as the gold-standard granddaddy of cryptocurrencies and everyone who is involved already will be considered an early adopter. The true pioneers have been involved for years, but even those of us who only got involved in the last few months are still in very, very early. If you ask me, momentum is only starting to gather now, guys...
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