Singapore Government Partners R3 for Blockchain Research Center

The Monetary Authority of Singapore (MAS) is collaborating with the R3 consortium to launch its first dedicated Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Center of Excellence in Asia. As Singapore’s central bank and financial regulatory authority, the MAS will support the development of the R3 Asia Lab to foster collaboration across the region for the advancement of Distributed Ledger Technology (DLT) Distributed Ledger Technology (DLT) A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to A distributed ledger or distributed ledger technology (DLT) is a database that is shared and synchronized across a number of different devices in different locations. DLT networks effectively eliminate the need for a centralized authority to act as the network’s custodian. In its place is a Peer-to-Peer (P2P) network as consensus algorithms to ensure replication across nodes is undertaken.The most common kind of distributed ledger network is a blockchain network. Blockchain networks are used to Read this Term).

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The lab will be established in the Central Business District (CBD) of Singapore and will have a number of senior staff members supported by a team of business and technology experts. The sides explain that non-exclusivity of R3’s technology choices leaves the option open for members to contract with Singapore-based systems integrators and fintech firms to implement production-ready systems.

Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, comments: “The practical spin-offs from fundamental research in distributed ledgers and blockchains are beginning to be realized. MAS is pleased to collaborate with the financial industry through broad, international, consortia such as R3 to create and conduct rigorous experiments that will inform and encourage adoption of these advances.”

Tim Grant, CEO of R3’s Lab and Research Center, and member of the Monetary Authority of Singapore International Technology Advisory Panel, comments: “We are honoured and delighted to build on our relationship with MAS and to signal our strong intent to support Singapore as a leading global fintech hub as well as the entire Asia-Pacific region. We look forward to deepening our relationships with local financial services companies, regulatory bodies and the tertiary education community, and to using Singapore as a means to connecting the region with our many initiatives around the world.”

David Rutter, Group CEO of R3, comments: “As one of the world’s leading fintech hubs and a key global financial centre, Singapore is the ideal location for our Asia lab. We are honoured to have the support from the MAS and we look forward to working closely with them as we continue to research and develop applications that can help regulators and financial institutions improve efficiency, transparency and reduce costs.”