• Latest
Central Banks Settle Cross-Border Payments With Blockchain for First Time

Central Banks Settle Cross-Border Payments With Blockchain for First Time

May 2, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Central Banks Settle Cross-Border Payments With Blockchain for First Time

coinnewsdaily by coinnewsdaily
May 2, 2019
in Tech
0
Central Banks Settle Cross-Border Payments With Blockchain for First Time
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

The central banks of Canada and Singapore have concluded a trial of cross-border payments using blockchain technology and central bank digital currencies.

The Bank of Canada (BoC) and the Monetary Authority of Singapore (MAS) jointly announced Thursday that the successful trial – the first of its kind between two central banks – showed “great potential to increase efficiencies and reduce risks for cross-border payments.”

The effort saw BoC and MAS linking up their respective blockchain projects, Jasper and Ubin, which are built on two different blockchain networks: R3’s Corda and JPMorgan’s Quorum, respectively. The two networks were connected using a technique called hashed time-locked contracts and allowed direct Payment versus Payment (PvP) settlement without the use of an intermediary.

Lending tech support for the project were Accenture and JPMorgan, which assisted development of the Canadian project on Corda and the Singapore project on Quorum, respectively.

Scott Hendry, Bank of Canada’s senior special director for financial technology, said:

“The world of cross-border payments is complicated and expensive: our exploratory journey into the use of DLT [distributed ledger technology] to try to reduce some of the costs and improve traceability of these payments has yielded many lessons.”

Jasper and Ubin have been in progress since as far back as 2016 as part of efforts to increase the efficiency of banking payments.

“The successful outcome of the Jasper-Ubin project is a big milestone for the modernization of cross-border, cross-currency transactions,” said Accenture’s managing director and global blockchain lead, David Treat

The two central banks have also jointly published a report describing the different design options to enable such settlement systems and stating:

“A fragmented world, with differing standards, processes, norms, and regulations is the key challenge in cross-border payments today. DLT could offer an easier and faster path towards adoption than a centralized approach because it can leave the different jurisdictions involved in control of their portion of the network while allowing for tight integration with the rest of the network.”

However, they added that the Jasper-Ubin project is experimental in nature and whether the two will eventually use blockchain technology for “high-value” cross-border payments “remains to be seen.”

The BoC and MAS further called on other central banks, financial institutions and tech firms to join the initiative in making cross-border payments “cheaper, faster and safer.”

Bank of Canada image via Shutterstock

Credit: Source link

Share76Tweet48
Previous Post

Euronet Worldwide Partners with Ripple to Integrate Ripplenet in Ria Money Transfer

Next Post

Five Banks Now Let Users Verify Their Identities Using a Blockchain App

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Five Banks Now Let Users Verify Their Identities Using a Blockchain App

Five Banks Now Let Users Verify Their Identities Using a Blockchain App

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,759.00-1.94%
  • ethereumEthereum(ETH)$1,183.06-3.04%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$234.60-1.34%
  • rippleXRP(XRP)$0.344947-5.38%
  • cardanoCardano(ADA)$0.483413-3.31%
  • SolanaSolana(SOL)$37.78-5.77%
  • dogecoinDogecoin(DOGE)$0.070312-6.38%
  • polkadotPolkadot(DOT)$7.58-4.99%
  • Shiba InuShiba Inu(SHIB)$0.000011-6.32%
  • daiDai(DAI)$1.000.08%
  • tronTRON(TRX)$0.065728-3.16%
  • leo-tokenLEO Token(LEO)$5.82-0.86%
  • matic-networkPolygon(MATIC)$0.52-8.81%
  • litecoinLitecoin(LTC)$54.74-5.32%
  • FTXFTX(FTT)$27.14-1.55%
  • OKBOKB(OKB)$12.29-2.90%
  • CronosCronos(CRO)$0.123237-2.31%
  • chainlinkChainlink(LINK)$6.48-6.26%
  • stellarStellar(XLM)$0.116646-4.61%
  • algorandAlgorand(ALGO)$0.324631-4.29%
  • cosmosCosmos Hub(ATOM)$7.63-7.50%
  • ethereum-classicEthereum Classic(ETC)$16.18-6.51%
  • moneroMonero(XMR)$118.49-6.11%
  • bitcoin-cashBitcoin Cash(BCH)$109.30-4.95%
  • vechainVeChain(VET)$0.024324-2.95%
  • tezosTezos(XTZ)$1.628.68%
  • Internet ComputerInternet Computer(ICP)$5.65-4.28%
  • theta-tokenTheta Network(THETA)$1.32-4.21%
  • filecoinFilecoin(FIL)$5.69-4.51%
  • ElrondElrond(EGLD)$54.77-2.65%
  • bitcoin-cash-svBitcoin SV(BSV)$58.32-4.93%
  • eosEOS(EOS)$0.97-4.41%
  • AaveAave(AAVE)$64.45-3.81%
  • makerMaker(MKR)$982.37-4.71%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • huobi-tokenHuobi(HT)$5.31-0.30%
  • iotaIOTA(MIOTA)$0.287094-2.01%
  • zcashZcash(ZEC)$61.40-6.11%
  • neoNEO(NEO)$9.36-3.55%
  • zilliqaZilliqa(ZIL)$0.043305-7.67%
  • basic-attention-tokenBasic Attention(BAT)$0.390503-3.21%
  • wavesWaves(WAVES)$5.69-9.80%
  • havvenSynthetix Network(SNX)$2.36-12.81%
  • dashDash(DASH)$48.34-4.00%
  • PancakeSwapPancakeSwap(CAKE)$3.32-2.51%
  • KusamaKusama(KSM)$51.22-5.34%
  • nemNEM(XEM)$0.041666-0.47%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$49.22-5.61%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.95-2.89%
  • bitcoin-goldBitcoin Gold(BTG)$16.96-3.49%
  • omisegoOMG Network(OMG)$1.97-0.38%
  • golemGolem(GLM)$0.2521803.92%
  • SushiSushi(SUSHI)$1.13-4.61%
  • ontologyOntology(ONT)$0.2437911.76%
  • yearn-financeyearn.finance(YFI)$5,963.90-8.85%
  • umaUMA(UMA)$2.65-3.45%
  • digibyteDigiByte(DGB)$0.009840-7.37%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....