The first step towards Cross-border Payment incorporating central banks

BOC [The Bank of Canada] and MAS [The Monetary Authority of Singapore] mutually declared about that successful trial and assured the huge potential to increase efficiencies and risks reduction about cross-border transactions.

The great struggle was faced by BOC and MAS in linking up blockchain projects, Jasper and Ubin, which are developed on different blockchain networks, R3 Corda and Quorum, these two different blockchain networks were connected using a unique technique named hashed-time-locked contracts (HTLC). It is a unique concept given by the bitcoin community that can play a role in lightning the network and allow direct payment settlement without using centralized authority.

Technological supports were taken for the projects are Accenture and JP Morgan helped in the development of Canadian project and Singapore project respectively.

"The world of cross-border payment is complex and expensive, our struggling journey into the use of DLT [distributed ledger technology] to help reduce costs and betterment in cross-border payment systems." said, Scott Hendry, senior director of Bank of Canada.

Jasper and Ubin taking an active part to increase efficient banking payment.

"Successful results of Jasper-Ubin project is a huge landmark for modernizing of cross-border transaction." Said by Accenture's Managing director, David treat.

MAS and BOC further threw invitations to the other central banks, financial institutes and tech organizations to take part in this initiative for making cross-border payment cheaper, quicker and with no security threats.

Author:

Midhat ali shaikh is a freelance content writer and is involved  with renowned organization named knovatek pvt.ltd also serving for vmatchu and nghostings.