Enterprise Singapore, Infocomm Media Development Authority (IMDA), the National Research Foundation Singapore (NRF) and the Monetary Authority of Singapore (MAS) announced today it has launched a S$12 million (US$9 million) Singapore Blockchain Innovation Programme (SBIP) to further strengthen Singapore’s blockchain ecosystem.
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.
This initiative will engage close to 75 companies including MNCs, large enterprises and ICT companies to conceptualise 17 blockchain-related projects within the next three years in sectors starting with trade and logistics, and supply chain.
Beyond research translation, SBIP will look into blockchain scalability to enable the adoption of blockchain in environments with high transaction rates.
The programme will also support blockchain interoperability, to enable value exchange across systems and address the current challenges of siloed networks. SBIP claims it will also look to grow the tech talent pool to enable ICT companies to further tap on blockchain technologies.
Also Read: How to scale blockchain as COVID-19 hits traditional markets
“As the architect of Singapore’s digital future, we are constantly pushing the forefront of innovation in areas such as Blockchain. As the first major industry-driven research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance,” said Lew Chuen Hong, Chief Executive, IMDA.
“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,” he added.
“COVID-19 emphasised the need for trusted and reliable business systems in the new digital world. 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 SBIP will help our enterprises be more globally connected and competitive,” said Peter Ong, Chairman of Enterprise Singapore.
“The programme provides exciting growth opportunities for the blockchain innovation landscape and is a significant milestone in Singapore’s journey towards becoming a trusted, digital economy,” said Low Teck Seng, CEO of NRF.
Blockchain technology is increasingly playing an important role in technological innovation, industrial transformation, and digital finance. SBIP will help companies accelerate their technology adoption and be ready for the next phase of digital evolution,” he added.
Also Read: 1 tech, 4 ways: How blockchain disrupts the education sector
Additionally, The Singapore Blockchain Ecosystem Report 2020 was launched at the Singapore FinTech Festival x Singapore Week of Innovation and Technology (SFF x SWITCH).
The report highlights developments and trends in Singapore’s blockchain ecosystem over the last year and showcases how the pandemic has accelerated the application of the technology. It is available for download here.
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Image Credit: NASA on Unsplash
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