The Monetary Authority of Singapore (MAS) and Deloitte today published their first report on how the world’s central banks could deploy distributed ledger technology (DLT).
Singapore’s Project Ubin Includes Govt, Major Banks
The report, titled “SGD on Distributed Ledger”, is the first release from “Project Ubin” — a year-old collaboration by MAS (Singapore’s central bank), DLT technology firm R3, and a consortium of big-name banks. (PDF download link)
As well as introducing the concept of DLT, the 44-page paper includes technical documentation and links to source code for a proof-of-concept prototype for a new national currency called “SGD on ledger”.
It’s based in part on Canada’s similar “Project Jasper” which released a DLT feasibility report (PDF) in June 2017. However Singapore’s version differs in the smart contracts it uses to support the model. Project Ubin’s initial prototype is built on a private Ethereum DL, though future versions may use other platforms.
Source/More: Singapore Releases Prototype for a Blockchain-Based National Financial System – Bitsonline