Singapore commits $9 million to blockchain development and adoption

Australia sees no strong case to introduce national digital currency

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TL:DR Breakdown:

  • Singapore’s government announced a new program aimed at strengthening blockchain development in the country.
  • The program will see many companies working towards the improvement of different sectors via blockchain.

The Blockchain-friendly nation, Singapore, is set to explore more development with the technology following a program dubbed “Singapore Blockchain Innovation Programme (SBIP),” recently launched by the government. In addition to spurring blockchain developments in the country, the program will enable companies to research possible integration of the technology in different sectors of the economy.

This can be seen as a huge step from the government to strengthen the adoption of blockchain technology in Singapore.

The Singaporean gov’t will invest nearly $9 million for blockchain development

As reported on Monday, the initiative was formed by the country’s Enterprise Singapore (ESG), the National Research Foundation Singapore (NRF), and Infocomm Media Development Authority (IMDA). It also gained support from the financial regulator, the Monetary Authority of Singapore (MAS). SBIP was launched as an SG$12 million (US$8,961,577) to research blockchain development to meet the needs of the industries.

Under the blockchain development program, about 75 companies are expected to conceptualize 17 projects that will implement the technology in different sectors beginning with supply chain and trade and logistics. For a start, the SBIP is collaborating with Dimuto, a trade technology service in the country, to improve the traceability of high-valued perishables on the blockchain.

COVID-19 accelerates digital transformation

While commenting on the development, one of the board members, Peter Ong, emphasized how the coronavirus has accelerated the move to digital solutions in the country and beyond, which also calls for secured transactions. “Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials,” he added.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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