Singapore Exchange Successfully Trials Blockchain for Tokenized Assets Settlement

Singapore Exchange Limited (SGX), along with the Monetary Authority of Singapore (MAS), have successfully tested the use of blockchain technology for tokenized assets settlement, according to a SGX release issued Sunday, Nov. 11.

The report reveals the data on the trial that began in August, shortly after MAS and SGX had partnered with U.S. stock market Nasdaq, “big four” consulting company Deloitte, and Singaporean tech company Anquan. As per the release, the partners have developed a blockchain-driven solution for Delivery versus Payment (DvP) capabilities — a settlement procedure where the buyer’s payment for securities is due at the time of delivery.

The trial has shown that financial institutions and corporate investors are able to carry out the exchange and final settlement of tokenized assets on different blockchain platforms simultaneously. SGX believes that this could increase operational efficiency and reduce settlement risks. Moreover, the technology could further help automate DvP settlement processes by using smart contracts, the report concludes.

Tinku Gupta, Head of Technology at SGX, also revealed that the exchange has filed its first-ever patent:

“Based on the unique methodology that 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.”

As Cointelegraph has frequently reported, Singapore-based companies are actively testing blockchain solutions in different areas.

For example, in July, local government-owned service provider CrimsonLogic unveiled its cross-border blockchain network for global trade in order to boost the efficiency of trade corridors between China and the Association of Southeast Asian Nations (ASEAN) nations. And in October, a major corporation providing electricity and gas transmission in Singapore, SP Group, launched a blockchain-powered renewable energy certificate marketplace to buy and sell solar energy worldwide.

In late October, Nasdaq also won a U.S. patent for a smart-contract based information release system, which would allow to keep data safe before the issue. The stock market is awaiting decisions for other blockchain-related patents as well.

Author: Cointelegraph By Ana Berman

Source link

Related posts

13 Thoughts to “Singapore Exchange Successfully Trials Blockchain for Tokenized Assets Settlement”

  1. buy dumps usa 101

    … [Trackback]

    […] Here you will find 89373 more Info on that Topic: […]

  2. service virtualization tools comparison

    … [Trackback]

    […] Read More Info here on that Topic: […]

  3. Anonymous

    … [Trackback]

    […] Find More Information here to that Topic: […]

  4. DevOps future trends

    … [Trackback]

    […] Find More Info here to that Topic: […]

  5. kit hho/47% Fuel-Saving Plug-N-Play HHO Kit HHO generator Hydrogen kits for cars trucks

    … [Trackback]

    […] Find More here on that Topic: […]

  6. Can I buy magic mushrooms?

    … [Trackback]

    […] Find More to that Topic: […]

  7. contactos mujeres

    … [Trackback]

    […] There you can find 61328 more Information on that Topic: […]

  8. CZ P-10 C P-07 9MM 15 ROUND MAGAZINE

    … [Trackback]

    […] Find More to that Topic: […]

  9. คลิปหลุด

    … [Trackback]

    […] Find More on on that Topic: […]

  10. whisky exchange website

    … [Trackback]

    […] Read More on to that Topic: […]

  11. residual income definition

    … [Trackback]

    […] Info on that Topic: […]

  12. pour les détails

    … [Trackback]

    […] There you can find 73913 more Info to that Topic: […]

  13. Red Boost Reviews Consumer Reports: Blood Flow Support Formula

    … [Trackback]

    […] Read More here to that Topic: […]

Leave a Comment