DBS Bank Deploys Blockchain for Government Grant Disbursement
CryptoNewsTerminal Staff22 Aug, 2024
DBS Bank Deploys Blockchain for Government Grant Disbursement
DBS Bank, Singapore's largest banking institution, has unveiled a blockchain-based solution to enhance the efficiency of government grant disbursement. This initiative is a collaborative effort with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry, and the Singapore Fintech Association (SFA).
During a pilot phase, the blockchain solution facilitated the disbursement of government grants to 27 SFA member companies. The process involves a smart contract that verifies the fulfillment of predefined conditions, triggering the automatic release of grant funds.
This innovative solution leverages blockchain technology to streamline grant disbursement, ensuring transparency, traceability, and cost-effectiveness. DBS Bank's adoption of blockchain in this domain further underscores the transformative potential of this technology in the financial sector.
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