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Singapore wants to use blockchain for financial liabilities trading

Banks DBS and Standard Chartered, together with the Government of Singapore developed the first application for managing commitments of outstanding invoices, based on the technology of the block chain.

The new application created with the support of the Agency for the development of information and telecommunication technologies in Singapore, will allow banks to transform electronic invoices into digital units, which will be registered in a distributed ledger. This will help avoid a repeat of payments on the same accounts in different banks.

Distributed accounting book, working on technology block chain will serve as a common data store accessible to third parties, who will be able to keep track of payments accounts and verify the authenticity of financial documents. The process of trade electronic accounts of consumers between creditor banks and the companies should also become easier because all the information on the status of electronic invoices will be incorporated into a single source.

It is alleged that the project should enhance the security of electronic trading accounts as a whole and, therefore, improve the trade climate and strengthen the entire scope of such activities.

At the moment, there is a new application at the stage of "decisive experiment", but the developers have already announced that they plan to bring to the commercial promotion of the project and other relevant industry players - both public institutions and banks.