Project Ubin is a collaborative project in Singapore that explores the use of blockchain and distributed ledger technology (DLT) for clearing the settlement of payments. Since it began in 2016, Project Ubin has worked with a wide variety of participants from around the world and has published 5 reports, within the first 4 phases. The 5th and final phase was the experimental phase that focused on providing value and building a foundation for the future live pilots and trials by the industry.
The 5th and final report
addresses three key areas:
- An overview of architecture and describes key features of the Ubin V network
- Description of blockchain use cases and the benefits from the functionalities provided from the Ubin V network
- Design ideas and concepts for a payment’s infrastructure of the future
The project engaged the broader blockchain ecosystem to better understand the opportunities and benefits by integrating the Ubin V network. In previous phases, Project Ubin focused on the efficiencies amongst the payments and settlement phase, and as an experiment to understand blockchain and DLT. The experiments carried out over the five phases of Project Ubin have shaped conception on the future of payments and solidified design ideas regarding the basis of this vision.
The final portion of the report addresses design ideas for futuristic payment structures and an alternate view of how some of these design concepts could be applied to current payment architectures.