- DBS Bank launched the pilot of its blockchain-based Government Grants issuance.
- The Singaporean government has shown several developments in Web3 incorporations.
Blockchain technology has begun to see extensive incorporation in several fields over the past months. With increasing awareness of cryptocurrency and blockchain technology, other sectors are identifying ways of integration. Recently, Singapore-based DBS bank launched the pilot of its blockchain-based government grants.
Notably, the bank has immersed itself in blockchain technology for the distribution of government-based grants to receivers. Additionally, the bank has also established several partnerships in order to facilitate this new technology. This pilot will experiment with the technology for future implementation.
Moreover, as part of the pilot, DBS bank allowed its permissioned blockchain to distribute grants to 27 fintech companies using smart contracts. The smart contracts will be processed only if specific conditions set by grant programs are fulfilled. This procedure is expected to replace the manual processing of grants disbursement.
Additionally, the international banking system has established partnerships with Enterprise Singapore (ESG) and the Singapore Fintech Association (SFA) for this project. DBS was also part of the Monetary Authority of Singapore’s Project Orchid, which attempted to enhance digital currency in the country.
How is DBS Bank Venturing into Blockchain Technology?
Previously, DBS Bank announced that it would be partnering with Ant International to issue Treasury Tokens using blockchain technology. In order to perform this, the institution plans to use permissioned blockchains and integrate them with Ant International’s Whale platform.
Notably, this pilot was announced earlier this month on August 13, where DBS discussed in detail the procedures for incorporating this method. Moreover, this was part of the Monetary Authority of Singapore’s (MAS) other project called the Project Guardian.
Additionally, the Singaporean government has shown several advancements within the crypto sector. The country has introduced several regulatory measures for the digital asset sector. Recently, the nation’s McDonald’s ventured into Metaverse by opening a place on the Web3 ecosystem.
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