It is also expected to be complementary to its existing business, enabling the group to access new business opportunities in the market for blockchain-based payments and project-management tools for the construction industry.
Blockchain-based project management tools also enhance the efficiency of the main contractors by allowing them to better plan and monitor their sub-contractors’ tasks via a transparent ledger enabled by blockchain technology and ensure a smooth completion of the construction project, added the group.
DLF Holdings will then novate the blockchain agency agreements to another wholly owned subsidiary, known as “OIO Singapore Private Limited”, to be incorporated after the EGM, to carry out the blockchain agency and related business of the group.
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