Accenture hired by Singapore’s Central Bank

Consultancy giant Accenture has been hired by Singapore’s central bank in order to develop a prototype blockchain solution for interbank payments
18 October 2017   1568

Singapore’s central bank hires consultancy giant, Accenture, in order to develop a prototype blockchain solution for interbank payments.

Earlier this month, the Monetary Authority of Singapore unveiled the successful development of three different blockchain models for decentralized inter-bank payment and settlements. Thus, the prototypes were developed using R3’s Corda, the open-source Hyperledger Fabric and JP Morgan Chase’s Ethereum-based Quorum. These developments marked the second phase of Project Ubin, an initiative by the central bank to ultimately produce and deploy a digital representation of the Singaporean dollar.

A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions. This helps to open up the opportunity for a wider adoption of DLT-based settlement systems.
 

Sopnendu Mohanty
Chief FinTech Officer, MAS

Now, Accenture announces that the company has been appointed by the MAS and the Association of Banks in Singapore in order to ‘manage and develop a prototype’ using the 3 distributed ledger technology platforms for interbank payments solution.

Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries. The value of the technical innovations arising from the program is matched by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value.
 

David Treat
Managing director of Accenture’s global blockchain practice 

It's significant, that the Project Ubin’s Phase 1 has already seen Singapore’s central bank successfully issue a digitized token of the Singaporean dollar via JPMorgan’s Quorum Ethereum-based blockchain.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   104

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.