Singapore’s Ubin & Canada’s Jasper power the Digital Transformation to DLT systems

Singapore has been a hub of Blockchain & Crypto activity ever since China outrightly banned Cryptocurrencies. Not only has the state welcomed the new technology with open arms but the government itself has been exploring the development of decentralized systems. Project Ubin was initiated by The Monetary Authority of Singapore (MAS) in collaboration with R3 blockchain consortium to explore simpler & more efficient replacement to current payment & settlement systems via the issuance of Central bank-issued digital tokens which is the Singapore Dollar (SGD) in this case. The project got underway in November 2016.

The Project consisted of different phases — Phase 1 of which was completed on March 9, 2017, which saw the issuance of digital token equivalents of Singapore Dollar by conducting a Proof of concept on an Ethereum blockchain. This meant the usage of digital tokens in the Real-Time Gross Settlement system (RTGS).

Completion of Phase 2 was announced on October 5, 2017, where software prototypes of three different models of interbank payments were introduced. Accenture was the managing partner for these software prototypes with R3 Corda, IBM HyperLedger, and ConsenSys Quorum providing DLT support platforms & Microsoft was engaged to deploy these prototypes on its Azure…