Singapore is one of the potential marketplaces in the world giving its space to cryptocurrency-related business services to its users with a stable financial system and also having more than 400 fin-tech startups.
Open Trade Blockchain
Open Trade Blockchain (OTB) is an extensible blockchain service, launched by Singapore-based, Global eTrade Services (GeTS). The first cross-border blockchain platform aimed to align with China’s Belt Road Initiative that can make global trade highly efficient, secure and transparent.
The system was designed to avoid exporter’s email account being hacked and to avoid fraudulently change of documents like certificates of origin, commercial invoices, and shipping.
Project Ubin
It is a collaborative project led by the Monetary Authority of Singapore (MAS) with industry partners for the clearance and settlement of inter-banking payments and securities by exploring the use of Distributed Ledger Technology.
The First trial between Singapore and Canada has successfully completed
Cross Border Payments with Central Bank Backed Digital Currency cheaper, faster, and safer.
Here the team has used a Hashed Time-Locked Contracts (HTLC) technique to connect the two networks, namely Project Jasper and Project Ubin without any third-party intervention.
OpenCerts
OpenCerts is a Singapore government-linked blockchain project developed in cooperation with the OpenCerts Consortium. The objective of this project is to provide an easy way to access educational credentials and to verify student’s and employer’s certificates.
When the certificate is created, its data will be converted into a hash or a string of random letters and numbers then it is stored on popular decentralized blockchain Ethereum.
Also, read about Blockchain-based Industries in Singapore
As the government is also taking initiative to bring blockchain into government projects, as a result, Singapore became an international fintech hub for Blockchain Development Services.
Bitdeal - Blockchain Development Company in Singapore
Bitdeal, a globally Recognised Blockchain Development Company in Singapore with a solid background, providing creative, innovative, and goal-oriented Blockchain Solutions in and around the globe.
