Settlement Of Tokenized Assets In Singapore
Singapore’s primary stock exchange and country’s central bank have developed a mechanism for settlement of tokenized assets. The new method is powered by smart contracts.
The Asian country invests in blockchain technology. Two weeks ago, we reported on adopting blockchain into power delivery business by SP Group. Now, two other organizations want to implement this new technology for their use.
The automated method for rapid settlements
On Sunday, the government of Singapore announced a successful development. Delivery versus Payment (DvP) mechanism is powered by smart contracts and it will settle tokenized assets over various blockchain platforms.
The Monetary Authority of Singapore (MAS, the country’s central bank) and Singapore Exchange (SGX) have successfully developed this new solution with technology partners Anquan, Deloitte and Nasdaq.
Project Ubin DvP – Head of #Blockchain @Nasdaq, Johan Toll, shares: We’re creating an Internet of value-transferring values from 1 person to another efficiently. It’s how @SGX can achieve settlement more efficiently than 3 days today & how we make it more secure. #SGFinTechFest pic.twitter.com/flwkN4UfwE
— Singapore Exchange (@SGX) 13 listopada 2018
Tinku Gupta, Head of Technology at SGX and Project Chair, said:
“We are delighted to drive this important industry effort to accelerate innovation in the marketplace. Based on the unique methodology SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.”
The two parties involved has released an industry report which provides a comprehensive view of automating DvP settlement processes with smart contracts. The report also describes the key technology used in the new development.
Image by Joachim Affeldt / shutterstock.com
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