Purpose Bound Money
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.
Digital money now with rules
When you send a PBM, you transmit money embedded with specific rules governing its intended purpose.
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 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.
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
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.