11 Oct '17, 3am

Singapore exploring use of blockchain to link National Trade

Singapore exploring use of blockchain to link National Trade

In a keynote address on October 9, 2017, at Global Blockchain Business Conference [1] in Vishakhapatnam (India), Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS) said that the “killer app” for DLT (Distributed Ledger Technology) is in cross-border transactions. Mr. Menon said, “When multiple entities across different jurisdictions are involved, there is no natural trusted central party. DLT allows the possibility of various parties working directly with one another to make cross-border transactions cheaper, faster, and safe.” Using the example of cross-border trade, he mentioned two areas, which Singapore is exploring applications of DLT: trade finance and trade documentation. In trade finance, DBS Bank and Standard Chartered Bank are exploring the use of DLT to prevent the problem of duplicate invoicing while preserving client confidentiality...

Full article: http://www.opengovasia.com/articles/8129-singapore-explor...

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