The Singapore Central Bank "demonstrates" the value of the Blockchain with assets to Tokenized


The stock market and the Singapore Central Bank have successfully developed a blockchain-based settlement system for token goods in collaboration with some big names such as Nasdaq, Anquan Capital and Deloitte.

The Singapore Central Bank looks for a faster deal

Bitcoinist at the beginning of August, the Monetary Authority of Singapore (MAS), which is also the de facto Central Bank of the city-state, as well as the Singapore Stock Exchange (SGX), have collaborated with Anquan Capital, Deloitte and Nasdaq to develop a blockchain-based regulation system of tokenized digital resources.

Binance is working with the Southeast Asian venture capital giant to launch the Fiat-to-Crypto exchange in Singapore

In a joint press release dated November 11, MAS and SGX announced that the collaboration was successful and that they developed delivery and payment capabilities (DvP) for the liquidation of tokenised resources through various blockchain-based platforms. Presumably, this will help simplify the process after the trade and make the settlement quicker.

According to Ms. Tinku Gupta, responsible for the SGX and Project Chair technology, a patent has already been filed:

We are delighted to lead this important industry effort to accelerate innovation in the market. 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.

Increased token assets?

While the Singapore Central Bank has traditionally been receptive to blockchain technology, it seems particularly attentive to tokenised resources.

Speaking of the successful outcome of their collaboration, Mr. Sopnendu Mohany, Chief Fintech Officer at MAS outlined:

Blockchain technology and resource tokenisation are fueling a new wave of innovation globally. This project demonstrated the value of blockchain technology and the benefits it can bring to the short and medium-term financial industry. The concept of resource tokenisation, as well as other learning from this project, can potentially be applied to a broad spectrum of the economy, creating a new world of opportunities.

On the other hand, Juzar Motiwalla, co-founder of Anquan Capital, recognizes the evolution of tokenised resources and the impact they could have on existing business models:

The evolution of new forms of tokenised resources is accelerating the search for new business models, which in turn intensifies the search for significantly improved settlement engines. […]We see a keen interest in this in more sectors, including financial services and digital advertising.

It seems that the tokenization of resources could be the next big thing. Last month Bitcoinist reported that a $ 30 million NYC condo was tokenised on the Ethereum blockchain.

What do you think of the resources and the new system of liquidation of Singapore? Do not hesitate to let us know in the comments below!

Images courtesy of Shutterstock

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