Summary
DBS bank has launched DBS token services, which is a blockchain-powered solution focused at institutional banking processes. This new service integrates Ethereum compatible blockchain and its core payment methods for real-time transactions.
Blockchain-Enabled Payments
Following the initiative taken by world renowned SWIFT bank, The services provided by DBS bank will utilize smart contracts to facilitate real-time payment settlements through a permissioned blockchain, where only authorized user can participate, ensuring secure and reliable transaction. The smart contracts will automate and govern processes like Treasury Tokens, Conditional Payments, and Programmable Rewards, providing greater efficiency and security.
Understanding Tokenization
Tokenization refers to converting physical assets into digital tokens. Tokenization makes physical assets easier to access, manage and trade. Smart Contracts add transparency, enforce automatic agreements and security to financial transactions on the blockchain.
DBS’s Ongoing Blockchain Commitment
This launch builds on previous blockchain initiatives by DBS, including a pilot for treasury tokens and blockchain-based government grants. The bank’s foray into crypto options trading further signals its commitment to exploring digital assets and blockchain technology for its clients.