Singapore has invested SGD12 million in the first national effort to expand blockchain technology research and strengthen the country's blockchain ecosystem.
Singapore Blockchain Innovation Programme (SBIP) was launched on December 7 by Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA), the National Research Foundation Singapore (NRF), and supported by the Monetary Authority of Singapore (MAS).
Funded by NRF, this national effort aims to align blockchain technology research with the needs of the industry, facilitating the development, commercialisation and adoption of wider real-world applications.
The industry-driven initiative will engage close to 75 companies to conceptualise 17 blockchain related projects within the next three years in sectors starting with trade and logistics, and supply chain.
“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," said Lew Chuen Hong, Chief Executive, IMDA.
Beyond research translation, SBIP will look into blockchain scalability to enable the adoption of blockchain in environments with high transaction rates. It will also support blockchain interoperability, to enable value exchange across blockchain systems and address the current challenges of siloed blockchain networks.
In addition, SBIP will look at growing the blockchain tech talent pool to enable ICT companies to further tap on blockchain technologies.
Commenting on the new intiative, Peter Ong, Chairman of ESG, said, “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 the SBIP will help our enterprises be more globally connected and competitive."