论文还展示了新加坡央行的高价值及紧急转移系统（称为MEPS+）链接到实时结算系统 (RTGS) 、增加不同在线钱包间资金转移率的可能性。
这个过程被称为“僵局决议”（gridlock resolution）, 其要求单个央行方对所有交易拥有整体看法，以找到净总数。但如果Ubin项目的第二阶段最终能够成功，这一切可能都会发生改变。
The Monetary Authority of Singapore has revealed a three-step plan to connect the world’s central banks via distributed ledger technology.
The two-phase effort called "Project Ubin"would see global central banks settling cross-border transactions in real time via a blockchain.
Unlike the current system, where only high-value or institutionally crucial transactions are settled in real time, Project Ubin is being designed to let make every cross-border payment and security settlement almost instant.
By tokenizing global currencies and protecting the privacy of each transaction using zero-knowledge proofs, Intel’s software guard extensions, or other means currently being explored, the new system of self-executing smart contracts could increase both the speed and privacy of international transactions.
But Project Ubin – built in partnership with banking consortium R3 and banks including Bank of America Merrill Lynch, Credit Suisse, JPMorgan and Mitsubishi UFJ Financial Group – is about more than just remittances.
History of the project
The first phase of the six-week project concluded December 23, 2016, and was formally announced on March 9, 2017, with the publication of a white paper detailing the results of the partnership.
Co-authored by Deloitte, the 44-page white paper, recounted Project Ubin’s strides towards tokenizing the Singaporean dollar (SGD) using distributed ledger technology. Specifically, the paper explained how lessons learned by R3 during a similar effort with Canada, called Project Jasper, were employed to build an ethereum-based prototype.
The paper shows how the system for the Monetary Authority of Singapore’s high-value and urgent transfers, called MEPS+, can be linked to the real-time gross settlement system (RTGS) to increase money transfer efficiency between different participant’s online wallets.
In search of solutions
Phase two of the project is now underway.
Designed to further research the prototype, the specific aim is now to improve how transactions are settled compared to the current system, where they are queued and periodically netted using "classical algorithms," according to a representative of the Monetary Authority.
The process, called "gridlock resolution," requires that a single central party have an overarching view of all the transactions to find the net sum. But if phase two of Project Ubin is ultimately successful, that could all change.
This second phase is divided into three steps. Now underway, step one involves a closer look at the mechanics of smart contracts, according to the representative.
To bridge the gap between the promise of distributed ledger technology to privately settle transactions in gross – or real time, as opposed to netting periodically – a team of eight part-time staffers and two full-time interns is exploring the use of zero-knowledge proofs, secure multi-party computation like MIT's Enigma Project, Intel's software guard extension (SGX) technology and Microsoft's cryptlets.
The second step of Project Ubin's current work is to identify how the platform can be integrated with various central securities depositories, including Singapore's own SGX, which is overseen by the Monetary Authority.
If that is successful, step three would eventually extend the digital bank issued cryptocurrencies even further to other central banks.