By Elishya Perera
SINGAPORE (CWBN)_A S$12 million (US$8.9 million) program has been launched by Enterprise Singapore, the Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore, in order to strengthen the country’s blockchain ecosystem.
IMDA chief executive Lew Chuen Hong said the Programme will allow Singapore to develop a strong blockchain system and establish the country’s role as a “Trust Hub”.
The programme titled Singapore Blockchain Innovation Programme (SBIP), is supported by the Monetary Authority of Singapore, and will engage around 75 enterprises including multinational corporations, large local enterprises, and information and communications technology (ICT) firms.
It is reported that, starting from trade, logistics and supply chain, these companies would develop 17 blockchain-related projects in various industries within the next three years.
“As the first major industry-driven blockchain research program, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance,” Hong said.
DiMuto, a supply chain-focused agritech venture, will also be involved in the Programme, focusing on improving farmers’ credit worthiness by using blockchain to track high-valued perishables.
Moreover, the SBIP also intends to expand blockchain systems in order to adopt high transactions rates in the tech environment.
Of the 234 entities currently involved in Singapore’s blockchain ecosystem, 91 entities were launched this year, and accordingly, SBIP intends to broaden the country’s blockchain talent pool to enable ICT firms to further tap into the technology.
