Singapore central bank block chain R u0026 D details

nnnRecently, the Monetary Authority of Singapore has revealed its three-step plan to connect the global central bank through distributed classified books. The project, titled “Project Ubin”, is divided into two phases to promote the global central bank to deal with cross-border transactions in real time through block chains. It is reported that the project with the bank alliance R3 and including Bank of America Merrill Lynch, Credit Suisse, JP Morgan Chase and Mitsubishi RUF Group, including a number of banks to build and use the zero knowledge to prove that Intel’s software protection expansion Others are currently studying the methods.n
nnTranslation: Clovern
nThe Monetary Authority of Singapore (BBC) has revealed its three-step plan to connect the global central bank through distributed ledger technology.n
nThe project, titled “Project Ubin”, is divided into two phases, which will witness the real-time cross-border transactions of the global central bank through block chains.n
nUnlike the current real-time settlement system that only achieves high-value or system-critical transactions, Project Ubin is designed to make almost every cross-border payment and securities settlement in real time.n
nThe new automated execution of the smart contract system uses zero-knowledge proof, Intel’s software protection extension, or other methods currently being explored to localize currency and protect the privacy of each transaction, thereby speeding up international transactions and increasing privacy protection.n
nProject Ubin is a project that works with bank alliance R3 and a number of banks, including Bank of America Merrill Lynch, Credit Suisse, JP Morgan and Mitsubishi UFJ Financial Group, but the project is not only related to remittance.n
nProject historyn
nThe project lasted six weeks and the first phase ended on December 23, 2016, and was officially announced on March 9, 2017, along with a white paper detailing the results of the collaboration.n
nThe 44-page white paper, together with Deloitte, details Project Ubin’s use of distributed categorical accounting techniques to process the progress of SGD. Specifically, the document explains how to apply the lessons learned by R3 to a similar project in Canada (named Project Jasper) to build a prototype based on the ethertray.n
nThe white paper shows how the high-value and emergency transfer system (called MEPS) of the Monetary Authority of Singapore is associated with real-time full settlement systems (RTGS) to improve the efficiency of capital transfers between online wallet of different participants.n

nSeek a solutionn
nThe second phase of the project is currently under way.n
nAccording to the representative of the Hong Kong Monetary Authority, the stage aims to further study the prototype, but its current goal is to improve the transaction settlement, and in contrast, the current system transactions need to line up and regularly use the “traditional algorithm” to capture.n
nThis process is called “gridlock resolution” and requires a single central party to form an overall view of all transactions to find the net amount. But if the second phase of Project Ubin is finally successful, everything will change.n
nThe second phase of the project is divided into three steps. According to its representatives, the first step in the process is to carefully study the mechanism of intelligent contracts.n
nA team of eight part-time staff and two full-time interns is studying zero-level knowledge in order to realize the full-scale settlement of transactions (or real-time settlement in reverse to regular capture transactions) Proof, such as MIT’s Enigma project such as secure multi-party computing, Intel’s Software Protection Extensions (SGX) technology, and Microsoft’s cryptlets.n
nThe second step in the current phase of Project Ubin is to determine how the platform is integrated with the central securities custodian, including the Singapore Exchange (SGX), which is regulated by the Monetary Authority.n
nIf this step is successful, the third step will eventually be the digital bank issued by the encrypted currency to further promote to other central banks.n
nCentral bank block chainn
nThe extent to which the Monetary Authority has improved the scalability and privacy of distributed censorship technology in recent months, and now no longer last year’s enthusiasm for the centralization of some central bank jobs worship.n
nLast August, BNY Mellon, Deutsche Bank, Santander and UBS showcased their own “settlement money” plan, which is similar to the Singapore plan and is controversial to help The central bank uses a meta-asset to trade on a distributed ledger.n
nIn recent months, the Bank of Canada and the Bank of England have issued a statement stating that they believe that block-chain technology and other distributed taxonomies are currently providing the required amount and privacy limitations.n
nLooking to the future, the HKMA’s research team plans to validate policy issues related to the possible conversion of the Singapore dollar to the central bank’s digital currency (CBDC) and the potential impact of such changes on monetary policy.n
nAnd the consultation paper on this matter will be released soon to clarify the development track of the project.n

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