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DBS BANK PILOTS BLOCKCHAIN-BASED GOVERNMENT GRANTS

The blockchain-based solution builds on DBS Bank’s participation in Project Orchid, an effort by the Monetary Authority of Singapore to test the benefits of tokenization.

Singapore’s DBS Bank launched a solution that uses blockchain technology to streamline the disbursement of government grants.

DBS Bank announced that in the pilot, it collaborated with Enterprise Singapore (ESG), a statutory board under the Ministry of Trade and Industry of the Government of Singapore and the Singapore Fintech Association (SFA), which promotes financial technology in the country.

DBS Bank Uses Smart Contracts To Disburse Government Grants

During the pilot, the SFA disbursed government grants to 27 members. DBS said that its pilot showed how blockchain-based programmable grants can improve efficiency, enhance governance and allow businesses to have faster access to government grants.

With DBS’ permissioned blockchain, ESG and its intermediaries, like the SFA, can determine the conditions of the programs and govern grant disbursements. According to DBS, this includes disbursements to approved recipients upon fulfilling certain business conditions.

Once the conditions are fulfilled, smart contracts will verify that they are met. After this process, the grants will be disbursed automatically to the beneficiaries.

According to DBS, the solution enhances governance control and reduces the need for intermediaries to manually process cash handling. This allows businesses to receive their cash payouts from the government much faster.

Furthermore, the bank’s permissioned blockchain gives full visibility of the process, giving greater transparency to the organizations involved.

Permissioned blockchains are networks with an access control layer that allows participants only a pre-approved level of authority. Even though they use distributed ledger technology, these blockchains are only partially decentralized.

Results of MAS-led Project Orchid

DBS Bank also noted that the programmable grants pilot applies what the firm has learned from participating in Project Orchid, a digital currency initiative led by the Monetary Authority of Singapore (MAS). The initiative tests the benefits of tokenization with local stakeholders.

DBS Bank also previously collaborated with digital payment provider Ant International on a blockchain-based treasury and liquidity management solution. On Aug. 13, DBS launched its treasury tokens, which Ant will use for liquidity and treasury management. The tokens are within the bank’s Ethereum Virtual Machine (EVM) permissioned blockchain.

The solution was created using systems developed during the company’s participation in another MAS-led effort on digital currencies, Project Guardian.

@ Newshounds News™

Source:  Coin Telegraph

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DEBIT CARDS IN DIGITAL WALLETS Gaining Ground Across Sectors
August 2024

With a growing number of consumers adopting digital wallets, payment preferences have shifted. Debit cards are now the preferred method underpinning digital wallet payments. 

Meanwhile, digital wallets have seen more significant adoption in the retail and grocery sectors. Apple Pay, in particular, has deepened its niche in travel-related transactions, possibly foretelling a broader acceptance of mobile-first, touchless payments. This report explores these trends, how different sectors are adapting to digital wallets and what this all means for businesses.

@ Newshounds News™

Source:  PYMNTS

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PROOF OF INK BY GAVIN WOOD:  THE TATTOO THAT SECURES YOUR WEV3 PRIVACY

The Web3 individuality mechanism will require a unique, algorithmically generated tattoo to prove digital citizenship.

Parity Technologies is launching a Web3 individuality solution, which is a crucial missing element for mainstream Web3 adoption.

The new solution, “Proof-of-Ink,” will enable users to prove their digital individuality in a privacy-preserving manner through a unique tattoo serving as proof of digital citizenship.

Proof-of-Ink is set to launch in the fourth quarter of 2024, according to Gavin Wood, the co-founder of Ethereum, Polkadot and Kusama.

Wood announced during a keynote speech at the Web3 Summit in Berlin:

“We are able to deploy the baseline palette and launch the app at some point this year, hopefully in the final quarter […] We are aiming to launch the other two mechanisms next year.”

While Wood teased that one of the additional two digital identity solutions is further in development, he shared no details about their mechanics.

Mainstream adoption is crucial for any technological paradigm. Experts like Wood hope that Web3 adoption will create a more decentralized and user-centric internet, envisioned as a free public good to help humanity.

@ Newshounds News™

Read more:  Coin Telegraph

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WYOMING Aims to Launch US DOLLAR-BACKED STABLECOINS in 2025

Wyoming is reportedly developing its own U.S. dollar-backed stablecoin to be used for consumer payments.

The state plans to launch the Wyoming Stable Token in the first quarter of 2025, CNBC reported Friday.

“It is clear to me that digital assets are going to have a future,” Wyoming Governor Mark Gordon told CNBC at the Wyoming Blockchain Symposium in Jackson Hole. “The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

Advocates of the project the Wyoming stable token will provide a faster and cheaper way for individuals and businesses to transact, will create a new revenue stream for the state and may serve as a model for a stablecoin at the federal level, according to the report.

Gordon said the stablecoin will be transparent, fully backed by short-term Treasurys and dollar-dependent, per the report.

Wyoming has already been working to create a favorable regulatory environment for crypto, having passed more than 30 pieces of legislation related to that field since 2018, according to the report.

The state is currently vetting potential vendors and partners to provide an exchange, digital wallets and other technology needed for the stable token, per the report.

Wyoming aims to make the stablecoin a payment method for everyday use, Flavia Naves, a commissioner at the Wyoming Stable Token Commission, said in the report.

“When you walk into Cowboy Coffee in Jackson, Wyoming, and you want to buy your latte, there’s going to be their wallet there in Solana that you can use to buy your coffee with the Wyoming token,” Naves said, per the report.

Stablecoins are a type of currency designed to maintain a stable value by pegging their worth to a fiat currency, PYMNTS reported in April. Unlike traditional cryptocurrencies like bitcoin, which are notorious for their price fluctuations, stablecoins offer a level of stability that closely mirrors that of traditional currencies.

On the federal level, U.S. Sen. Kirsten Gillibrand, D-N.Y., and Sen. Cynthia Lummis, R-Wyo., introduced legislation to govern stablecoin use.

@ Newshounds News™

Source:  PYMNTS

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