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Singaporean Central Bank has High Hopes for Distributed Ledger Technology

by on October 12, 2017

Distributed ledger technology is of the utmost importance to financial banks all over the world. In Singapore, these efforts are mainly led by the central bank. That is pretty interesting, considering how central banks often frown upon blockchain technology. With the help of Accenture, Singapore will look into new DLT prototypes moving forward. It will be an interesting venture that will set  a precedent for the rest of the world

Various banks are experimenting with distributed ledger technology right now. That is both positive and negative, as it remains to be seen how the technology will be implemented exactly. Then again, things are still looking pretty promising, thanks to this new venture. With the Singaporean central bank getting involved, things will get pretty interesting moving forward. It is unclear what types of prototypes the bank hopes to bring to market, though.

Singapore Banks on Distributed Ledger Technology

We do know Accenture will aid the central bank in this venture moving forward. That is a solid choice, as Accenture has a solid reputation in the world of DLT and blockchain already. This news comes at a very interesting time, to say the least. More specifically, the MAS is looking into three new payment prototypes as well. Every single prototype is built using different blockchain technology. Competition can only be considered to be a good thing, to say the least.

All of this is part of the overarching project Ubin. Under this umbrella, the Singaporean government will explore blockchain technology to its full potential. The main focus is on the banking industry, as is to be expected. Several other banks are also part of this initiative, including BoA Merrill Lynch and Citi. It is evident distributed ledger technology is making a lot of headway right now. We can only hope these “tools” will be able to communicate with one another in the future.

Moreover, we will see more information regarding Project Ubin in the next few weeks. Accenture is putting together a technical report related to this venture. It will be interesting to see what the future holds for this project. Moreover, the future of distributed ledger technology looks pretty bright right now. Then again, there is still a lot of work to be done in this regard, that much no one can deny.

Header image courtesy of Shutterstock

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