Accenture will develop a blockchain prototype for the central bank of Singapore

The central bank of Singapore said that consulting giant Accenture will develop a prototype solution for inter-bank settlements based on distributed registry technology (DLT). Earlier this month, the Monetary Authority of Singapore (MAS), which acts as the central bank of the country and is the main financial regulator, demonstrated the successful development of three different models of blockchains for decentralized interbank payments and settlements. Prototypes were developed using three separate platforms, in particular R3 Corda, Hyperledger Fabric, which are open-source projects and private blockchain Quorum from JP Morgan Chase based on Etherium. This was the second stage of the Ubin project, the central bank's initiative to develop and release digital tokens of the Singapore dollar on the private blockchain of the Etherium. The consortium, which is working on the Ubin project, includes participants from 11 financial institutions and 5 technology companies.

"The key result of the consortium's efforts is the ability to perform offsets, protecting the confidentiality of transactions," said Sopnendu Mohanty, chief financial officer of MAS, and added: "This helps to open the possibility for a wider use of distributed system based (DLT) ). "

Subsequently, Accenture reported that MAS and the Association of Singapore Banks (ABS) have designated it for "prototype management and development" using the three above-mentioned Distributed Registry (DLT) platforms to develop an interbank payment system.

David Treat, Director of Global Accelerator, added:

The Ubin project takes a big step forward to prove the value and potential of DLT systems and their ability to transform the industry. The importance of technical innovations arising from the program coincides with the value of strategic thinking, based on how the ecosystems of interbank payments will transform and build new value.
MAS also instructed to publish a technical report at the end of the second phase of the Ubin project, around mid-November. During the first phase, it was already demonstrated that Singapore's central bank successfully issued a digital Singapore Singapore dollar token on the Quorum blockchain from JPMorgan.