If blockchain 'use case' fails, MAS still benefits

Singapore

MANY of the Monetary Authority of Singapore's (MAS) 'use cases' for its blockchain experiments - such as those on know-your-customer procedures, trade financing and cross-border payments - are likely to fail. And its managing director Ravi Menon is fine with that.

A 'use case' is a list of actions or event steps typically defining the interactions between a role and a system.

"(This) is the very nature of experiments. Most experiments are supposed to fail because experiments are supposed to stretch the boundaries, and very often you go over (the boundaries), and it doesn't work," said Mr Menon, adding that what counts is the attempt, what was learnt about the technol…