Project Ubin, a blockchain-based multi-currency payments network created by the Monetary Authority of Singapore (MAS), JP Morgan, and state-investor Temasek, is ready for a commercial roll-out following the successful implementation of its prototype.
A Reuters report from July 13 confirmed the success of the prototype multi-currency blockchain, dubbed. In a joint press release, the MAS and Temasek said:
“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels.”
Testing Project Ubin
The next step in the years-long project, dubbed “Project Ubin”, could see the blockchain tested within commercial environments. According to the press release, possible commercial use-cases include cross-border payments using multiple currencies, settlement of foreign currency securities, and foreign currency exchange.
Temasek’s deputy CEO, Chia Song Hwee added, in a statement released later the same day:
“We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.”
MAS and Temasek said they will also attempt to spur cryptocurrency and blockchain industry development by releasing some of Project Ubin’s technical specifications to the public, under an open-source license.
According to a report by Bloomberg on July 13, Project Ubin has been put to the test in various commercial areas already. The report notes that the prototype was used to provide salary payments to employees of Adecco Group AG—a recruitment agency. The blockchain was apparently also used to distribute digital dividend payments in Swiss francs to Singaporean investors through Sygnum Bank AG.
Project Ubin has been in development since 2016. The successful implementation of the prototype brings an end to phase five of the multi-phase project. Over 40 financial and non-financial firms engaged with the blockchain on some level during testing, according to the Monetary Authority of Singapore.