Mr.Roy Teo: The key to the breakthrough in the blockchain lied in the establishment of trust

Roy Teo of the Monetary Authority of Singapore stated that credit has been the basis of economic transactions, and the key to the breakthrough in blockchain lied in building up trust in decentralized systems. The MAS dominated Ubin project was a good example of the use of decentralized orders. The first stage showed that through Ethereum, banks could trade with each other without managing through the MAS; the second phase produced three software models and realized the settlement of transaction payments while protecting privacy; the next step would be the application of the blockchain to the settlement of cross-border payments.