For the first time ever in its history, Singapore Central Bank completes its First Cross Border Blockchain Payment along with Central bank of Canada. Apparently, both the banks have paid each other digital money via the blockchain network. The Monetary Authority of Singapore (BAS) used the distributed ledger technology(DLT) to transfer funds to the Bank of Canada. There was no involvement of any third-party media in the payment process. This info comes from a joint press release on a government forum.

The process made use of two DLT networks. One is the nascent Project Ubin platform of MAS. Another one is Project Jasper of Bank of Canada. These networks have been developed by JP Morgan and Accenture. The transaction aims at end-to-end-consistency. This means if any one action of the process fails, then no other action will execute. Both the banks released a summary of this transaction. According to that, the banking transactions are based upon trust. The DLT blockchain eliminates the need for third-party and relies on the technical system. Also, implementing blockchain will reduce cost and increase more efficiency.