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Constantly fluctuating exchange rates, worldwide different management systems, a flood of rules and regulations – the processing of payments across national borders, some of the hurdle. The result is that Often, such transactions not only require extremely long processing times. In addition, the payments from one country to the next are often enormously expensive.
The Central banks of Canada and Singapore, the Bank of Canada (BoC) and the monetary authority of Singapore (MAS), have this Problem announced together in the struggle. Since 2016, they develop Blockchain solutions to make cross-border payments cheaper, faster and safer.
At the 2. In may, the two houses announced the joint Success of a previous milestone. As the world's first of its kind, the Central banks are celebrating the successful test run of your community Blockchain-payment system for the resolution of cross-border, international transactions. In a press release, it is stated, the Blockchain-cooperation to show "great Potential to increase the efficiency of cross-border payments and to reduce their risks".
The joint project linked the two independent systems, digital Central Bank currencies, Singapore and Canada, Jasper and Ubin, with each other. Since they are located on two different Tech platforms, R3s Corda-network and J. P. Morgan's Quorum, was developed by the Central banks, specially-designed contracts, so-called Hashed Time-Locked Contracts.
This will allow the state money houses to each other now direct payments without the intermediary of a Clearing instances or middle-men. They were supported by the U.S. Bank J. P. Morgan, as well as the Tech services provider Accenture, which, in turn, are the technical backbone behind the systems of Jasper and Ubin responsible.cooperation currently do not require Experiment – Central banks, common Standards
The two monetary authorities have now published a report summarising the findings from the test run, further fields of application and design possibilities portrayed, as well as future construction sites of the technology. So you want to motivate in addition to other Central banks the "global financial community", to invest in the development of efficient Blockchain technologies. This could solve key future challenges, especially state money houses:
is A fragmented world with different Standards, processes, standards and regulations today, the biggest challenge in cross-border payment traffic. Distributed Ledger technology could represent an easier and faster way to their execution as it is a [traditional] centralized approach can. The technology leaves it to the various areas of competence, on the one hand the responsibility for your part of the network and at the same time allows a tight Integration with the rest of the network.
Despite their success, the Central banks insist, however, that it was at the time of their Blockchain-cooperation is currently still an Experiment.
Whether we are using Blockchain technology [in the future] for cross-border payments with value higher volume, remains to be seen. The research and testing we will [however],
according to the report on the future of Central Bank cooperation. More than all of the technological jumps that need it, however, especially the creation of common legal Standards.
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