Singapore Positions Itself as Blockchain Hub with $9 Billion Innovation Project
Singapore is investing close to $9 million in a new Singapore Blockchain Innovation Programme. The project will focus on developing, commercializing and encouraging the adoption of blockchain technology by businesses.
The new endeavor is being funded by the National Research Foundation. It will initially center on creating 17 blockchain-related projects within the next three years for trade, logistics and supply chain management. The project plans to engage around 75 companies, including multinational corporations, large enterprises and info-communications technology companies. It will also examine blockchain adoption in environments with high transaction rates, as well as growing the blockchain tech talent pool.
"Covid-19 emphasized the need for trusted and reliable business systems in the new digital world," said Peter Ong, chairman of Enterprise Singapore (ESG). "The acceleration of innovative business solutions under the Singapore Blockchain Innovation Programme will help our enterprises be more globally connected and competitive."
The program is a collaboration of a number of government agencies, including ESG, Infocomm Media Development Authority (IMDA) and the National Research Foundation Singapore. The Monetary Authority of Singapore, which is the country's central bank and financial regulator, is also supporting the project.
According to Lew Chuen Hong, chief executive of IMDA, the project will encourage blockchain adoption in industries beyond finance, as well as scaling up manpower and capabilities for blockchain projects. "These efforts allow Singapore to build a strong blockchain ecosystem and establish our role as a trust hub," he said.
The program is already working with DiMuto, a global supply chain platform provider, to use blockchain to trace perishable items with the goal of improving farmer trustworthiness.
Singapore has been working to establish itself as a hub for blockchain research and commercialization. The country is already using blockchain to verify health credentials to help contain COVID-19, and has also produced 162 blockchain-related research publications over the past 15 years -- the largest number in southeast Asia.
In 2016, the Monetary Authority of Singapore launched Project Ubin, a multi-currency payments network. As of July, the network had been successfully tested by more than 40 companies.
To learn more about how blockchain is being used by governments, central banks and throughout the private sector, TMC is hosting The Blockchain Event on June 22-25, 2021, at the Miami Beach Convention Center. The event will feature panel discussions, keynotes and case studies about the role of blockchain and associated technologies in a variety of industries and vertical markets.
Edited by Maurice Nagle
