Blockchain Creates Economic & Partnership Possibilities, Said MAS`s Menon

Blockchain Creates Economic & Partnership Possibilities, Said MAS`s Menon

Blockchain technology has been presented as “a natural form of collaboration” between Singapore and the Indian state of Andhra Pradesh.

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Blockchain technology has been presented as “a natural form of collaboration” between Singapore and the Indian state of Andhra Pradesh.

At the blockchain conference in India, Singaporean central bank managing director Ravi Menon reportedly said that DLT or distributed ledger technology brings about opportunities for a shared indusry-wide KYC utility that can verify transactions and customers more efficiently.

In a keynote presented at the Global Blockchain Business Conference on 9 October 2017, Menon said: “The key breakthrough of blockchain technology is its ability to establish trust in a decentralised system.“

Blockchain fosters collaboration

As Menon added in his speech, Andra Pradesh and Singapore believe in the value of innovation for economic growth and harness the power of technology for the common good.

The fact that the Indian state organizes a global conference on the topic of blockchains shows its progressive vision. Besides, this supports the vision of Chief Minister Chandrababu Naidu, who wants to inspire a digital revolution in Andhra Pradesh.

According to Menon`s statement, the two governments have been working closely together in the following directions:

  • The Andhra Pradesh government has appointed a Singapore consortium to develop the new capital city of Amaravati.
  • The Andhra Pradesh government and the Monetary Authority of Singapore (MAS) signed a FinTech cooperation agreement in October last year.
  • A delegation of more than 10 FinTech startups from Singapore attended the FinTech Valley Vizag Spring Conference in March this year.

Creating Opportunities

Also, the managing director of the Singaporean central bank pointed out that DLT could potentially have various industry applications, where it is important to know the histories of ownership but there is no trusted central party or reliance on such party is inefficient or costly.

For example, DLT can provide the means for registering, certifying, and tracking the supply chain process at low cost. Moreover, DLT may be an efficient alternative to credit bureaus that compile consumer credit information from banks. Another possible application of DLT may be witnessed in the insurance industry, where Singapore is investigating the way DLT can help prevent duplicate insurance claims.

However, the so-called “know-your-customer” or KYC verification process is one of the potentially more powerful applications in financial services. As Menon claims, DLT brings about opportunities for a shared industry-wide KYC utility that can verify customers and transactions.

Menon concluded that Singapore and India have the opportunity to collaborate on various fintech and blockchain-related projects.

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