Accenture to Develop Systems Prototypes for Central Bank of Singapore

Accenture, a technology and consulting services company, has announced its hiring by the Central Bank of Singapore to work on prototypes of systems based on Blockchain, with the aim that they can be used in the processing of interbank payments.

Recently, the Monetary Authority of Singapore (MAS) unveiled up to three new types of system prototypes, which have been developed using Quorum platforms – a tool based on Ethereum designed by JP Morgan Chase -, Hyperledger Fabric and Corda … Accenture is part of the second phase of the Ubin Project, a proposal that began in 2016 with a view to testing how a version of the Singapore dollar based on cryptography could be created, with institutions such as Bank of America and Standard Chartered.

In a recently issued statement, Accenture representative David Treat reported:

The Ubin project is taking a big step to demonstrate the value and potential of Blockchain systems and their ability to transform industries. The value of the technical innovations that arise from this program corresponds to a totally strategic thinking, focused on the transformation of the interbank payment ecosystem to build a new value.

According to the same statement, it is expected that in November Accenture publishes a technical report on the second phase of the Ubin Project. Meanwhile, MAS recently revealed new details about its work with Blockchain technology, including an alliance with the state of India Andhra Pradesh – territory that in recent months has been part of several Blockchain pilots to explore possible applications of technology in the public sector, such as working with the company ChromaWay in the prototype of a system for property registration. In fact, MAS director Ravi Menon stated that up to 50 companies were working with Blockchain technology in Singapore.