Government agencies join to align technology with industry needs.
A S$12 million Singapore Blockchain Innovation Programme (SBIP) to further strengthen the country’s blockchain ecosystem has been launched by Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA), the National Research Foundation Singapore (NRF) — supported by the Monetary Authority of Singapore (MAS).
Blockchain technology has multiple advantages for enterprises as it enables decentralisation and data immutability and enhances security and transparency. For example, it allows business entities 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. This industry-driven 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. 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.
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.
Lew Chuen Hong, chief executive at IMDA said this is one of 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,” he said. “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 said.
