Programmable Digital Currency

Purpose Bound Money

For

The Purpose Bound Money (PBM) proposes a protocol for the use of digital money under specified conditions. As part of a wider pilot in Project Orchid, this iteration of the protocol releases escrow payments automatically after a specified period.

Dashboard of the Purpose Bound Money (PBM) app

Digital money now with rules

When you send a PBM, you transmit money embedded with specific rules governing its intended purpose.

Dashboard of the Purpose Bound Money (PBM) portal

Many payments, one dashboard

As a payee, you can track the lifecycle of each PBM transaction on the blockchain. Once an escrow payment matures, you see them instantly reflected on your dashboard, ready for your next move – unwrap the underlying money from the PBM into your wallet. Or, you could refund a payment to the payer.

Wrap and send digital money with PBM

Wrap and send your digital money

Wrap your digital money into PBM tokens, specify the holding duration as a condition, and send it to the recipient. Only when the payment has matured after the specified duration, the recipients can unwrap the payments into their wallet.

Manage PBM payments

Review and manage PBM payments

As a payer, you can review, sort, and filter all your PBM payments. If needed and a payment is still within the specified holding duration, you can even exercise your power to recall it! You can also delve deep into your payment transactions on the blockchain with the transaction IDs.

Automatic disbursement of PBM payments

Automatic disbursement of PBM payments

Once the holding period is over, the protocol ensures that the escrow PBM tokens are automatically and trustlessly released into the recipients’ wallets, ready for them to unwrap and utilise the monies.

Acknowledgements

The Project Orchid is a pilot project initiated by the Monetary Authority of Singapore. This iteration of the Purpose Bound Money (PBM) in the project is developed in collaboration with SkillsFuture Singapore, United Overseas Bank and GovTech Singapore.