Singapore has been quite in the news lately for making rapid advancement in the field of Blockchain. In a recent official release, Singapore Exchange Limited (SGX) along with the Monetary Authority of Singapore (MAS) has announced that it has successfully settled tokenized assets using Blockchain. With this platform, SGX is hopeful to bring a revolutionary change in the process of tokenized assets settlements in the near future.

According to the report, the tokenized assets settlement was done through a Delivery versus Payment (DvP) blockchain solution which enables users to pay for the securities at the time of delivery. The platform also allows users to use different blockchain platforms simultaneously for the exchange and settlement of tokens. As per the official claim, customers through DvP can have an efficient operational solution that comes with reduced risks.

The platform has been designed by the company to ensure a tamper-free and secure transaction for its users. The company also stated that using smart contracts, the platform can also help for the auto settlement of DvP. Regarding this achievement, Head of Technology at SGX, Tinku Gupta commented that the company has applied for its first-ever patent after the successful trial of tokenized assets settlement. The platform is based upon a unique methodology developed by SGX which gives its users the option to simultaneously work on different platforms, says Gupta.