Singapore Launches Their First National Blockchain Innovation

Singapore – A recent report announced that the Infocomm Media Development Authority, National Research Foundation Singapore, and Enterprise Singapore had launched a US$8.9 million (S$12 million) project national blockchain innovation aims to strengthen the city-state’s blockchain ecosystem. 

The Monetary Authority of Singapore supports Singapore’s National Blockchain Innovation Program or SBIP to engage close to over 75 companies, including the large local enterprises, information and communication technology (ICT) firms, and multinational corporations. Once the project has been completed, Singapore can surely promote interoperable and scalable blockchain solutions. 

Currently, the Singapore government has invested over SGD  12 million in a national effort to expand and improve the country’s blockchain ecosystem and research. The SBIP will facilitate the adoption and launch of the project at the week-long Singapore Fintech Festival. 

According to Singapore Deputy Prime Minister Heng Swee Keat in his opening keynote for the week-long Singapore event, the blockchain technology project can enable affordable transactions, even in a zero-trust environment. 

In the last few years, Singapore’s blockchain technology has undeniably grown significantly. However, some limitations are still present, such as connecting different blockchain systems and processing blockchains’ energy efficiency. 

The SBI is Singapore’s first major blockchain research and translation program. It will align the blockchain technology research with the people and industry’s needs and facilitate the commercialization and adoption of wider real-world applications.

Furthermore, many reports confirmed that the SBIP would additionally develop a blockchain technology talent pool in Singapore. The IMDA chief Lew Cheun Hong stated that they are constantly pushing the forefront of innovation as Singapore’s architect for a better digital future.

As the first major industry-driven blockchain research program, the IMDA chief is confident that their intention to increase blockchain adoption to a broader set of industries beyond finance. They will also level up the industry workforce.

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