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Piyush Gupta, the CEO of the global financial service and banking corporation, DBS recently talked about the game-changing aspects of blockchain technology and the role of centralized parties in it.
DBS CEO Talks About Blockchain Technology
Appearing at the Tech3 Forum on Oct 15, DBS Chief Executive Officer (CEO), Piyush Gupta said that blockchain technology would "fundamentally destroy the architecture of the world we build", where value is recorded in hubs such as banks.
According to him, banks would not be even needed if a distributed ledger such as blockchain is used, which enables records to be kept by every entity. This would change the business world where stock exchanges, banks, and central authorities might not even be needed, he added.
Despite the perks, a world around blockchain technology comes with its own set of challenges, per him which includes questioning the fundamental notions of value.
To prove his point, he cited the example of a non-fungible token, where a digital object such as a drawing or an animation is sold for millions of dollars.
DBS Has Its Own Digital Asset Exchange
DBS is an international financial service and banking corporation, formerly known as The Development Bank of Singapore Limited from 1968 to 2003.
In December 2020, the Bank launched its own DBS Digital Exchange for institutional investors which they expect to see its trading members double by the end of December with a growth rate of 20-30 percent annually for three consecutive years.
Earlier last month, DBS announced plans to hire around 150 of Singapore’s top technology talent through its Hack2Hire hackathon to bolster its AI and blockchain capabilities.