On Monday, in a significant development, authorities in Singapore stated, a blockchain-based payments network that could enable faster and cheaper international settlements has been developed and will soon be ready for a commercial rollout.

During the final phase of the years-long ‘Project Ubin’, the Monetary Authority of Singapore teamed up with J.P. Morgan and state investor Temasek to develop a prototype multi-currency payments network.

“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” said MAS and Temasek in a joint statement.

Commercial applications of the prototype include cross-border payments in multiple currencies, foreign currency exchange, and settlement of foreign currency denominated securities as well as other use cases.

To spur further interest from the industry, MAS and Temasek said it would make some of the technical specifications of the prototype network available to the public.