{"id":90805,"date":"2024-08-22T15:36:10","date_gmt":"2024-08-22T19:36:10","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90805"},"modified":"2024-08-22T15:37:56","modified_gmt":"2024-08-22T19:37:56","slug":"dbs-tests-government-grant-disbursements","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dbs-tests-government-grant-disbursements\/","title":{"rendered":"DBS Tests Blockchain-Based Government Grant Disbursements\u00a0"},"content":{"rendered":"\n

DBS has unveiled a blockchain-powered system<\/a> that makes use of smart contracts to expedite the distribution of government funds. \u00a0<\/p>\n\n\n\n

\"DBS
DBS Tests Blockchain-Based Government Grant Disbursements\u00a0<\/figcaption><\/figure>\n\n\n\n

A report from the local media claims that DBS, in association with Enterprise Singapore and the Singapore Fintech Association, successfully completed the trial. <\/p>\n\n\n\n

Twenty-seven regional fintech businesses<\/a> participated in the trial program, and the SFA awarded funding to them utilizing a permissioned blockchain that DBS created. <\/p>\n\n\n\n

Permissioned blockchains limit who is able to join the network, making them somewhat decentralized. Permissioned blockchains also demand preapproval for participation, in contrast to public blockchains. <\/p>\n\n\n\n

The ESG and the SFA can establish the terms for grant programs and make sure that only beneficiaries who have been accepted receive the awards thanks to DBS's permissioned blockchain. <\/p>\n\n\n\n

Smart contracts validate these preset criteria, and when they are satisfied, grants are immediately awarded. <\/p>\n\n\n\n

DBS notes that, as a result, the solution lessens the requirement for manual involvement and enables beneficiaries to get cash payouts considerably more quickly. <\/p>\n\n\n\n

According to DBS, the purpose of the pilot project was to demonstrate how these programmable grants might increase the efficiency and transparency of grant distributions.\u00a0<\/p>\n\n\n\n

Han Kwee Juan, country head of DBS Singapore, expects the new solution to be “extended to more use cases, including milestone-based project payments, consumer rewards, and more.”<\/p>\n\n\n\n

As part of Project Orchid, DBS also intends to investigate additional uses for the solution with more government organizations. <\/p>\n\n\n\n

The multi-year digital currency\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> effort was started by the Monetary Authority of Singapore last year to investigate different applications of digital money.\u00a0<\/p>\n\n\n\n

DBS Pioneering Blockchain Innovation<\/h2>\n\n\n\n

DBS recently started a blockchain-based trial project<\/a> with Ant International to improve cross-border treasury and liquidity management, among other things. <\/p>\n\n\n\n

Ant International, the firm that created the Alipay+ mobile payment service, uses the DBS Treasury Tokens initiative to support its multi-currency treasury operations by utilizing DBS's permissioned blockchain. <\/p>\n\n\n\n

In addition to its tokenization initiatives, DBS is making headway in cryptocurrency. The bank joined the New York-based stablecoin issuer<\/a> Paxos as a custodial partner in July. <\/p>\n\n\n\n

DBS extended its offerings in February to include cryptocurrency solutions for its Hong Kong clientele.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

DBS has unveiled a blockchain-powered system that makes use of smart contracts to expedite the distribution of government funds. \u00a0 A report from the local media claims that DBS, in association with Enterprise Singapore and the Singapore Fintech Association, successfully completed the trial. Twenty-seven regional fintech businesses participated in the trial program, and the SFA […]<\/p>\n","protected":false},"author":43,"featured_media":90806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[202,2152,3878],"class_list":["post-90805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-dbs","tag-grant"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/croc_1724352279036.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90805"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90806"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}