This article was first posted on r3. Over the past couple of years, R3 has worked closely with a number of central banks to explore if distributed ledgers could support their policy goals, and I have had the privilege to participate in a number of these projects. What have we learnt? What do central banks care about? Update post FinTech Festival: Introduction to R3 project blockchain Jasper. Jasper seeks to understand how Distributed Ledger Technology DLT might transform the future of payments—starting with high-value clearing and settlement.
Phase I was carried out March — June A blockchain prototype was built to investigate the use of central bank-issued digital receipts to support interbank settlement. Receipts for funds kept at the central bank were modelled on a distributed ledger, and could be passed around between participants.
Phase I was recognised as one of the most productive experiments in Bank of Canada history. Phase II of the project had two key differences to Phase I. Jasper phase I r3 project blockchain II report. In OctoberPhase III was announcedbuilding on the first two phases by integrating securities with payments.
This phase will develop a proof of concept for the clearing and settlement of securities r3 project blockchain the central bank cash-on-ledger model.
Unlike the setup in many other countries, the MAS has multiple functions and acts as the central bank, the regulator, and the ecosystem development agent. Project Ubin Phase I was announced in November The Monetary Authority of Singapore MAS today announced that it is partnering R3, a Blockchain technology company, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using Blockchain technology.
This project could potentially avail a payment system for participants to transact in different global markets round-the-clock that are today limited r3 project blockchain time zone differences and office hours. Participants in Phase I r3 project blockchain Ubin phase 1 report.
It is managed and delivered by Accenture, with a consortium of eleven financial institutions in Singapore: The specific use case is a decentralised real time gross settlement RTGS system, including the ability for the decentralised network to run liquidity savings mechanisms while preserving privacy of interbank payments — something previously rarely investigated.
The report from Phase II will be available later this yearUpdate: LionRock explores a Corda based interbank payment system, and also extends this to securities issuance, lifecycle and delivery-vs-payment. This current phase is expected to complete in Q4 of If there r3 project blockchain one single thing I have personally learnt from countless hours of reading central bank commentary, it is that different central banks have different motivations and priorities for deploying distributed ledger technology.
The diversity is wide-ranging: Priorities vary from controlling domestic corruption problems, providing a central bank alternative r3 project blockchain physical cash or bank deposits, upgrading old systems that are burning platforms, through to looking forwards and driving international monetary relevance. From the projects described in this post, we have learnt that central banks are interested in the potential for distributed ledgers to increase systemic resiliency for domestic payment systems including r3 project blockchain time gross settlement systems.
But getting cash on ledger is a key element to unlocking these efficiencies. We are learning that while liquidity savings mechanisms are understood to work well in traditional centralised real time gross settlement systems, they have the potential to work even more effectively and equitably in a decentralised model, due to the larger amount of information banks have compared to a centralised RTGS platform but more on that later.
Central banks are investigating spin-offs r3 project blockchain public cryptocurrency blockchain technologies and then moving to Corda. As you should know by now, Corda was designed and engineered from the ground r3 project blockchain to meet the requirements of regulated financial institutions. On a personal note, I have recently taken a new responsibility at R3 as the global head of cash strategy.
I am fortunate to spend my time understanding and explaining the implications of this fundamental step towards unlocking the promises and power of blockchain technology for business.
Different stakeholders have different reasons for moving to DLT based systems. If you r3 project blockchain views on this, I would love to hear from r3 project blockchain.
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