Swiss Bank UBS Tests Blockchain for Cross-Border Payments with Digital Cash
In a flow to modernize global transactions, Swiss banking massive UBS is checking out the capacity of blockchain generation. Swiss bank UBS assessments blockchain for pass-border bills with digital coins in a a hit pilot that goals to make cross-border bills faster and more green.
Swiss Bank UBS Tests Blockchain
What is UBS Digital Cash?
The blockchain-based price machine, called “UBS Digital Cash,” enables transactions on a personal blockchain network reachable only to permissioned clients. The machine uses smart contracts to execute transactions routinely when positive situations are met, simplifying the system and increasing transaction safety.
Details of the Pilot Program
The pilot software protected various multinational clients and banks. Swiss financial institution UBS exams blockchain for go-border bills with digital cash across a couple of currencies, along with U.S. Greenbacks, Swiss francs, euros, and Chinese yuan, covering each domestic payments in Switzerland and international transfers.
According to UBS, blockchain-based totally cross-border payments align with their strategic consciousness on adopting digital answers to improve efficiency. As a part of this initiative, UBS additionally collaborated on initiatives like the Swiss National Bank’s Helvetia undertaking for Central Bank Digital Currency and the Agorá mission, led by using the Bank for International Settlements. More
Looking Forward: Expanding UBS’s Digital Assets
UBS maintains to discover digital belongings past bills. Swiss financial institution UBS exams blockchain for cross-border bills with digital coins to construct on its recent efforts, which include the tokenization of an funding fund on Ethereum, specially the united statesUSD Money Market Investment Fund Token, which become launched in Singapore.
