DBS Introduces Blockchain-Powered Treasury Tokens to Improve Banking Efficiencies
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
DBS Bank has partnered with digital payment provider Ant International to launch a blockchain-based treasury and liquidity management solution.
In a Tuesday press release, DBS announced the pilot launch of its DBS Treasury Tokens, marking the bank’s use of blockchain technology for financial services.
The DBS Treasury Tokens, which are set to be utilized by Ant International, operate on DBS’s permissioned blockchain.
This blockchain is specifically designed to cater to DBS entities across various markets, allowing for instant and multicurrency treasury and liquidity management.
A permissioned blockchain, sometimes referred to as a private blockchain, is distinct in that it includes an access control layer.
This layer ensures that only authorized participants can interact with the blockchain, adding a layer of security and control.
Unlike fully decentralized blockchains, permissioned blockchains like DBS’s combine distributed ledger technology (DLT) with centralized management, offering a balance between security and flexibility.
DBS has built its blockchain to be compatible with the Ethereum Virtual Machine (EVM), a widely used framework that enables the execution of smart contracts.
The integration of this EVM-compatible blockchain with the bank’s core payments engine enhances the system’s interoperability with various industry payment infrastructures, streamlining financial processes across different platforms.
DBS Bank pilots blockchain-powered treasury tokens with Ant International for seamless multicurrency management.
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