Singapore Exchange restricted (SGX), together with the monetary Authority of Singapore (MAS), have successfully tested the utilization of blockchain technology for tokenized assets settlement, as per a SGX release issued Sunday, Nov. 11.

The report reveals the information on the trial that began in August, shortly when MAS and SGX had partnered with U.S. stock exchange National Association of Securities Dealers Automated Quotations, “big four” consulting firm Deloitte, and Singaporean tech company Anquan. As per the release, the partners have developed a blockchain-driven answer for Delivery versus Payment (DvP) capabilities — a settlement procedure where the buyer's payment for securities is due at the time of delivery.

The trial has shown that monetary establishments and company investors are able to do the exchange and final settlement of tokenized assets on totally different blockchain platforms at the same time. SGX believes that this might increase operational potency and cut back settlement risks. Moreover, the technology may more facilitate modify DvP settlement processes by using smart contracts, the report concludes.

Tinku Gupta, Head of Technology at SGX, additionally disclosed that the exchange has filed its first-ever patent:

“Based on the distinctive methodology that SGX developed to enable real-world interoperability of platforms, as well as the concurrent exchange of digital tokens and securities, we've got applied for our first-ever technology patent.”

As TopMarketGroup has frequently reported, Singapore-based corporations are actively testing blockchain solutions in numerous areas.

For example, in July, native government-owned service provider CrimsonLogic disclosed its cross-border blockchain network for international trade order to spice up the potency of trade corridors between China and also the Association of Southeast Asian Nations (ASEAN) nations. And in Oct, a significant corporation providing electricity and gas transmission in Singapore, SP Group, launched a blockchain-powered renewable energy certificate marketplace to buy and sell solar power worldwide.

In late Oct, NASDAQ additionally won a U.S. patent for a smart-contract primarily based information release system, which might permit to keep information safe before the issue. The stock exchange is awaiting choices for different blockchain-related patents as well.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now.