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SINGAPORE – A $ 12 million program was launched to strengthen Singapore’s blockchain ecosystem and facilitate the development, commercialization and adoption of blockchain technology for real-world applications.
The Singapore Blockchain Innovation Program will engage about 75 companies, including multinational corporations, large companies and information and communications technology companies, to conceptualize 17 blockchain-related projects over the next three years in sectors such as commerce and logistics.
It was jointly launched by Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF) on Monday (December 7). The program is funded by NRF.
Beyond translating research into real world needs, the program will seek to enable blockchain adoption in high transaction rate environments and grow the blockchain tech talent pool.
ESG President Peter Ong said: “Covid-19 emphasized the need for reliable and trustworthy business systems in the new digital world.”
Blockchain technology helps “embed trust in applications” spanning logistics and supply chains, trade finance, and digital identities and credentials.
“Accelerating innovative business solutions under the Singapore Blockchain Innovation Program will help our companies become more globally connected and competitive,” he added.
Lew Chuen Hong, IMDA CEO, said the program seeks to encourage blockchain adoption in more industries beyond finance, including increasing the workforce and industry awareness.
“These efforts enable Singapore to build a strong blockchain ecosystem and establish our role as a center of trust,” he said.
The Singapore 2020 Blockchain Ecosystem Report, released on Monday at the Singapore Fintech Festival and Singapore Innovation and Technology Week (SFF x Switch), highlighted Singapore as a key hub for blockchain research and commercialization.
It also showed how the coronavirus pandemic has accelerated the application of blockchain technology, which is being used to verify health credentials.
Singapore has produced the largest number of blockchain-related research publications in Southeast Asia and the third highest globally.
The report was jointly presented by blockchain industry partners OpenNodes, Temasek, IBM, PwC Singapore, EY, and SGTech, and with support from IMDA and the Monetary Authority of Singapore.
Strong interest in innovation projects
In a separate statement from ESG, IMDA and NRF on Monday, the three agencies said that small and medium-sized businesses and startups have submitted more than 300 proposals in 16 national innovation challenge issue statements since July this year, which which demonstrates its keen interest in solving these problems and enabling digital transformation.
The National Innovation Challenges were announced by Deputy Prime Minister Heng Swee Keat in May and aim to accelerate innovation efforts and help companies develop solutions to overcome challenges in the post-Covid-19 world. About $ 40 million has been dedicated to the challenges to accelerate the development and adoption of solutions.
Several projects are on track for industry adoption in 2021, and four prototyping projects from the first batch of challenges launched in July are being tested.
A new challenge was launched on Monday that seeks to address the sustainable and automated segregation, disposal and treatment of food waste.
It aims to help Singapore achieve its goals under the Zero Waste Master Plan and is led by the National Environment and ESG Agency, together with JTC and various companies such as Changi Airport Group.
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