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Singapore invests $12m in industry-driven blockchain research

The national initiative aims to align blockchain technology research with the needs of the industry, to facilitate the development commercialisation and adoption of wider real-world applications.

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Singapore wants to ensure blockchain can be used beyond the finance sector
Singapore wants to ensure blockchain can be used beyond the finance sector

Singapore is putting S$12m behind a national effort to expand research into blockchain technology, driven by industry needs.

 

The Singapore Blockchain Innovation Programme (SBIP) has been launched to further strengthen the blockchain ecosystem by Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA), the National Research Foundation Singapore (NRF). It is supported by the Monetary Authority of Singapore (MAS).

 

Enhanced security

 

Blockchain technology has multiple advantages for enterprises as it enables decentralisation and data immutability and enhances security and transparency. It also allows organisations to conduct speedier and more efficient transactions with one another at lower risk and cost, without the need for intermediaries.

 

Funded by NRF, this national effort aims to align blockchain technology research with the needs of the industry, to facilitate the development, commercialisation and adoption of wider real-world applications.

 

The industry-driven initiative will engage around 75 companies to conceptualise 17 blockchain-related projects within the next three years in sectors starting with trade and logistics, and the supply chain.

 

For example, SBIP will engage Dimuto, a trade technology service championing “collaborative commerce”, to work on using blockchain to track and trace high-valued perishables for improving farmers’ credit-worthiness.

“As the first major industry-driven blockchain research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance”

Beyond research translation, SBIP will look into blockchain scalability to enable the adoption of blockchain in environments with high transaction rates. SBIP will also support blockchain interoperability, to enable value exchange across blockchain systems and address the current challenges of siloed blockchain networks. SBIP will also be looking at growing the blockchain tech talent pool to enable ICT companies to further tap on blockchain technologies.

 

“As the architect of Singapore’s digital future, we are constantly pushing the forefront of innovation in areas such as blockchain,” said Lew Chuen Hong, chief executive, IMDA.

 

“As the first major industry-driven blockchain research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance. This includes levelling up industry manpower and know-how. These efforts allow Singapore to build a strong blockchain ecosystem and establish our role as a trust hub.”

 

Peter Ong, chairman of the government agency, Enterprise Singapore, said Covid-19 emphasised the need for trusted and reliable business systems in the new digital world. He added: “Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials. The acceleration of innovative business solutions under the Singapore Blockchain Innovation Programme will help our enterprises be more globally connected and competitive.”

 

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