Temasek Backs Efforts to Commercialize Blockchain Projects

(Bloomberg) — Singapore’s Temasek Holdings Pte said it will support efforts to find commercial applications for a project that explored the use of blockchain in the financial industry.

The fifth and final phase of Project Ubin, a central bank initiative that began in 2016, has been completed, Temasek and the Monetary Authority of Singapore said in a joint statement on Monday. The last phase developed a prototype for a blockchain-based payments network and tested connectivity with other applications.

“We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology,” Temasek’s Deputy Chief Executive Officer Chia Song Hwee said in the statement.

Project Ubin validated Temasek’s efforts to explore and build blockchain solutions focused on digital identity, digital currencies and financial asset tokenization, he added.

Blockchain, the technology underpinning digital currencies like Bitcoin, is being adopted worldwide to streamline services ranging from trade finance, cross-border payments to land registry.

Temasek said in May it joined the…

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