A collaboration of DBS Bank, the Singapore Fintech Association, and a government body has leveraged a blockchain solution for government disbursements, in what could be a new use case of the technology.
A news report in a leading fintech daily shed light on a new pilot blockchain project in Singapore. DBS Bank, helming the project collaboratively, has launched a new blockchain solution. The solution helping in government disbursements and streamlining it, is a new innovation in the space.
Meanwhile, the pilot blockchain project has the DBS Bank, the Singapore Fintech Association, and Enterprise Singapore as partners. The latter is a government body under the Ministry of Trade and Industry. The government grants went to 27 members through DBS’ blockchain, which leveraged smart contracts for the conditions.
Once the beneficiaries fulfilled the conditions of the smart contract, they received the grants. DBS claimed the solution improved governance control and efficiency for distributing the grants. Moreover, manual cash handling and other processes can be completely absent with this blockchain solution.
At the same time, with the transactions on the blockchain, all partners have access to full transparency. DBS’ blockchain is permissioned, with pre-approved participants. Besides, DBS Bank has worked on the project as an extension of Project Orchid. The Monetary Authority of Singapore is leading Project Orchid as an initiative to develop a digital Singapore dollar.
The Country Head of DBS Singapore, Han Kwee Juan, said, “Smart contract technology automates and streamlines grant disbursements for government agencies to enable faster, more secure disbursements and payments. We envision this payment innovation being extended to more use cases, including milestone-based project payments, consumer rewards, and more.”
DBS Bank is also at the forefront of other blockchain projects. Just days back, it also announced the launch of a Treasury Tokens pilot project.
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