Cryptocurrency News Today – There has been a considerable shift in top investment companies and banking services moving towards accepting blockchain for their payment methods and storage systems. Recently, the central bank of Singapore – Monetary Authority of Singapore (MAS) – decided to partner with JP Morgan – an investment banking giant – to create a blockchain prototype that would help in enhancing international settlements.

MAS Partners with JP Morgan to Revolutionize Cross-Border Payments with Blockchain

MAS disclosed this development on November 11 via a blog post on its website. The firm disclosed details about the new project and how they can use the same network to carry out transactions in different currencies with the help of the blockchain prototype. Temasek – a government-owned investment company – also supports the project.

The Chief Fintech Officer of MAS – Sopnendu Mohanty – said that blockchain-based settlement networks have helped them to improve cost efficiencies. They have also been able to build new opportunities for businesses. This blockchain prototype is part of Project Ubin. Project Ubin started in Nov. 2016. The project aims to explore the potential of blockchain technology as well as its impact on banking services.

The financial services industry of Singapore and MAS came together to launch the project. The project would help them implement blockchain technology for settlements and clearing of securities and payments.

JP Morgan Is Excited About the Partnership

John Hunter – the global head of clearing, and IIN at JP Morgan – confirmed the news and expressed their happiness and excitement about this partnership. He also said that their knowledge and expertise from working on the JPM Coin and the IIN (Interbank Information Network) would guide them through this development process. MAS is also very excited about this collaboration. They believe that such developments would encourage central banks to embark on similar projects also. ‘

The firm wants to make the technical specifications public to help drive the efforts, and they also want to enhance the cross-border connectivity. By next year, the firm is expected to release a detailed report on Project Ubin. The detailed report would help to understand the usage of blockchain for securities and payments. According to a report, Accenture – a tech giant – would be the firm to post the report in 2020.

More firms, industries, and financial institutions are becoming to run to blockchain technology. The adoption of the technology is on the rise, as many are beginning to discover its benefits and potentials.