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Bitcoin's underlying technology, blockchain is growing exponentially around the world. As such, the Singapore-based exchange, the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) is successfully exploiting the blockchain technology. The goal is to enable the negotiation of tokenized resources on multiple blockchain platforms.
Negotiate the tokenized resources on multiple blockchain platforms
Report in brief:
- MAS and SGX have successfully developed DvP for tokenised resources
- DvP developed with the main technological partners; Deloitte, Nasdaq and Anquan
- A joint report on the DvP regulation was published by MAS and SGX with an intelligent contract
As a report, MAS and SGX will facilitate delivery over payment (DVP) for cross-checking digital securities. As a result, the securities will be bought and sold via smart contract on numerous blockchain-based platforms. In addition, it allows Fintech and corporate investors to successfully conclude the simultaneous exchange and settlement. Companies believe that the process would reduce settlement risk by increasing operational efficiency.
As support, Anquan, Deloitte and Nasdaq have proven to be technological partners to appreciate the capabilities of DvP.
Sopendu Monhanly, chief officer of the Fintech of the MAS, declared that;
"Blockchain technology and resource tokenisation are fueling a new wave of innovation globally.This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short and medium term. tokenisation of resources, as well as other approaches derived from this project, can potentially be applied to a broad spectrum of the economy, creating a new world of opportunities ".
On the other hand, Ms. Tinku Gupta, head of technology at SGX and Project Chair appreciated the initiative, she said in a statement,
"We are delighted to lead this important industry effort to accelerate market innovation, based on the unique SGX methodology developed to enable real-time platform interoperability, as well as the simultaneous exchange of tokens and digital titles, we asked for our first technology patent. "
Technically, DvP is a process in which the buyer receives money as security before the resource is released. The passage of MAS and SGX to exploit the blockchain is to ensure that DvP becomes safer and more efficient.
Summary
Item name
Blockchain update: MAS and Singapore Exchange (SGX) successfully implement Blockchain for the settlement of token activities
Description
Bitcoin's underlying technology, blockchain is growing exponentially around the world. As such, the Singapore-based exchange, the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) is successfully exploiting the blockchain technology. The goal is to enable the negotiation of tokenized resources on multiple blockchain platforms.
Author
tabassum
Publisher name
coingape
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