Singapore Central Bank is preparing to use the blockchain payment network. This payment network will take an important place in financial technologies in the country.
Blockchain payment network will become available
Blcockhain’s uses have now gone far beyond cryptocurrencies. In many financial technology systems, blockchain system is used.
The Central Bank of Singapore has also started to take important steps in this regard. Project Ubin project, which started in 2016, is now nearing the end. The project, which was developed in 5 stages, is planned to adopt and spread blockchain more with the last stage.
In this network prototype with multiple currencies, it is stated that the payments made in different currencies with Ubin Porject have been successfully completed. It is stated that the international network, which will be developed after this stage, can be used in international payment channels.
It is also stated that the Singapore Central Bank used the blockchain protocol belonging to JPMorgan in this project. Thanks to the use of blockchain in payment networks, payments can be made more quickly and securely. In addition, this payment network will enable users to pay more quickly.