MAS Unveils 5 Pioneering Pilots in Asset Tokenization
The Monetary Authority of Singapore (MAS) has unveiled 5 pilots
Enhancing efficiencies across the supply chain and back-office operations
Augmenting vehicle information management and usage data
Simplifying transactions processes and information exchange
Insurers will be able to monitor claims in an unparalleled manner by looking at a transparent blockchain-powered database. Fraudulent claims will be virtually impossible because all the details will be on the distributed database. Hence, various complementary but conflicting stakeholders, frequently untrusting, such as reinsurers, insurers, and brokers, will have their data shared and stored in the blockchain. Traditional insurance underwriting can take months, whereas it can become real-time and quasi-automatic with blockchain.
Besides, all registered participants can access prior KYC records and related validated documents instantaneously and safely, using a blockchain. Insurers will also be able to establish immediate and cheaper policies by monitoring the driving hours of the vehicle, thereby facilitating strategies like pay-as-you-drive.
Blockchain can address various supply chain problems by maintaining complex databases and monitoring products and services. In monitoring and testing products and services, a blockchain-based supply chain management system ensures accurate record-keeping and monitoring of provenance. It does so by enabling product information access with embedded sensors and RFID tags. Blockchain can trace the origin of a commodity right from its start to where it is in the present time.
Also, this form of exact provenance monitoring can assist in detecting fraud in any part of the supply chain. The car supply chain is a highly dynamic and large field that involves numerous participants, including parts suppliers, producers, and sellers. With blockchain, automotive suppliers can protect their brands against counterfeit goods while building customer-centered business models.
A blockchain-based system will enable car manufacturers to recognize vehicles containing faulty components and enforce targeted recalls or sequencing batches. It will reduce the cost of recalls significantly. The solution will monitor the recall status too. It, for example, will track vehicles the dealer receives for repair. This monitoring can come in use for government reporting on regulatory matters.
The Monetary Authority of Singapore (MAS) has unveiled 5 pilots
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