Chief Fintech Officer of the Monetary Authority of Singapore (MAS), Sopnendu Mohanty, explains the deployment of blockchain-based technology as the first multi-country production grade infrastructure built on a blockchain platform – Mohanty explains at the MIT Technology Review’s Business of Blockchain 2019. The project is to be fully realized in 2020 between Hong Kong and Singapore. Trusting in the technology that the platform provides, Singapore hopes it will bring efficiency to several facets of the trade and banking markets. With a real focus on transparency on data within different entities and building a constant architecture for their citizens so that they are aware and have rights in regards to data abuse.
Recently the Central Banks of Singapore and Canada have successfully used their blockchain technology to send each other digital currency. A project sought to increase the efficiency of cross-border payments and reduce the risks and costs involved.
Mohanty had explained the intention of the project and went on to contextualize the reasoning behind the hesitation on Singapore’s behalf. In 2016 when the technology had first been proposed, policy makers did not see the benefits of blockchain is, since then Singapore’s central bank decided to run a pilot.
The four pillars of the project were learning a variety of blockchain related use cases, how to deploy the technology to organize payments in the banking system, settle payments against securities, as well as how to conduct cross-border payments as explained by Mohanty.