Singapore’s Central Bank Wants Blockchain for 24/7 Inter-Bank Payments

[kreslik.news]

The Monetary Authority of Singapore (MAS) has provided more details today about its recently announced collaboration with the R3 blockchain consortium. As Singapore’s central bank and financial regulatory authority, the MAS launched a proof-of-concept project to conduct inter-bank payments using blockchain technology.

The MAS explains this project could potentially create a payment system to transact in different global markets round-the-clock that are today limited by time zone differences and office hours. Such a system will also be more resilient against stoppages by decentralizing and distributing the validation software as well as reducing the cost of long term record keeping.

The outcomes from ... (read more)