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

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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.

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