Singapore Government Commits $8.9 million to Blockchain Program

Singapore appears to be taking a step closer towards massive blockchain adoption, according to the latest reports. Today, local news revealed that the Singaporean government had launched a blockchain program called Singapore Blockchain Innovation Program (SBIP). The blockchain program is backed by Enterprise Singapore, the Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore.

$8.9million Grant Made Available For Blockchain Research

SIBP was launched with an $8.9 million grant and aimed to strengthen the country’s blockchain infrastructure. SIBP will engage about 75 companies, including local and multinational firms and Information and communications technology (ICT) firms.

Partner firms will develop 17 blockchain-based projects in different sectors within the next three years. According to a statement from SBIP, the initial phase will focus on trade, logistics, and supply chain. Also, SBIP will collaborate with supply chain architect firm DiMuto to develop blockchain solutions in the Agricultural industry. The solution will help track and trace high-valued perishables and quantify farmers’ credit-worthiness.

Furthermore, SIBP will research in-depth on blockchain scalability to enable adoption in ecosystems with high transaction rates. This would spread towards interoperability across value exchange systems and address the current limitations of blockchain networks.

Speaking on the development, IMDA CEO Lew Chen Hong believes that SIBP will increase blockchain adoption. “As the first major industry-driven blockchain research program, we intend to proliferate blockchain adoption to a much broader set of industries, beyond just finance,”

Blockchain Adoption Rising In Asia

Asia is one of the regions in the world where blockchain technology has enjoyed relative success. For example, China has the highest number of Bitcoin miners as it has encouraged legal mining with cheap electricity. Additionally,  the Asian giant has also been at the forefront of Central Bank Digital Currencies (CBDC). It recently began testing the Digital Yuan and has plans to roll out the CBDC in 2021.

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Apart from China, Korea has also been a major hub for blockchain firms alongside Singapore. This latest development bodes well for the Singapore blockchain system that has witnessed exponential growth in 2020.

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