Project Ubin was a Singapore research study undertaken to evaluate if blockchain and distributed ledger technology (DLT) could be used for settling payments and securities.
The study was a collaborative effort between several important financial companies and institutions in Singapore. This includes the Monetary Authority of Singapore (MAS), DBS, SGX, and HSBC, along with enterprise blockchain solution companies such as ConsenSys solutions and R3.
The goal of the study aimed to answer the following questions:
- Can Blockchain/DLT be used for payments and securities?
- What are the benefits of a tokenised SGD on a digital ledger?
- Is it a simpler, efficient alternative to the current system?
Furthermore, Project Ubin also focused on the potential of blockchain and distributed ledger technology to improve domestic transactions and cross-border payments.
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