Singapore prepping release of commercial blockchain payments system

Singapore prepping release of commercial blockchain payments system

The city-state of Singapore is getting ready to commercially roll out a new payments system based upon blockchain technology.

The new blockchain-based payments system, dubbed “Project Ubin,” is the result of a collaboration between the Monetary Authority of Singapore, JP Morgan, and state investor Temasek.

Prepare for warp speed

The benefit of this new blockchain payments system is that it will offer users international settlements that are cheaper and faster, all of which are due to the underlying blockchain technology.

In a joint statement, Temasek and JP Morgan said, “An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels.”

The new payments system offers a ton of functionality for those entities who will use it. The system offers a foreign currency exchange, settlement of foreign currency-denominated securities, and the ability to make cross-border payments in multiple currencies.

The developers of the new system plan on making some of the technical details of the prototype system available to the public. This is being done in the hope of increasing further industrial development of the project.

Blockchain marches on

Many different industries, ranging from finance to diamond sellers, are exploring the benefits of using blockchain technology.

A new blockchain-based platform called “Release” is targeting agriculture and fisheries by increasing effective communication between buyers and sellers.

The developer of “Release” states, “Sellers will be able to decide on the spot prices of freshly picked vegetables, fruits, fishes, shellfishes, etc. while selling to a general buyer.”

The developer adds, “This can potentially solve the major concerns in this industry and optimize it massively – for the benefit of both buyers as well as sellers.”

The ability to use the blockchain to track items from beginning to end is a huge boon to increasing the safety of the food we eat.

An example of this is the IBM Food Trust that joins farmers, retailers, suppliers, shippers, and others into an ecosystem where the blockchain provides total transparency of the entire supply chain.

People can know exactly where their food comes from, as well as if all the regulations and laws that impact the food and its transportation have been followed.

Waste can be reduced through instant verification through data transparency. If a health crisis occurs due to a food product, the blockchain will show where that food came from and the supply chain it followed.

Without a doubt, blockchain is a quiet technological revolution that is impacting our daily lives.

Featured image courtesy of Graham Hobster/Pixabay

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