Singapore’s Blockchain Ecosystem Gained Strength This Year

Singapore – Recently, Singapore’s Fintech Festival launched the Singapore Blockchain Ecosystem Report 2020 to highlight the most impactful trends and developments in the city-state’s crypto market over the past year. The report was co-presented by SGTech, IBM, Temasek, and OpenNodes and supported by the Monetary Authority of Singapore and Infocomm Media Development Authority.

The recent blockchain ecosystem report is crucial for the country since it highlighted Singapore’s blockchain research landscape with active contributions from private and academic institutions. The report also showcased how the coronavirus pandemic has accelerated the country’s blockchain technology, which has been used to verify health credentials seamlessly.

Furthermore, the report confirmed Singapore’s excellent progress in driving blockchain-related scientific publications and research. It also concluded that the country had produced the highest number of relevant research publications on the subject in ASEAN and the third-highest worldwide.

2020 has shown optimism for Singapore’s blockchain growth. Many crypto enthusiasts believe that cryptocurrencies will continue to accelerate in the country with more opportunities and applications. Interestingly, ore Singaporean blockchain startups are progressing towards funding stages. Currently, almost 77% of reports that are not engaging in blockchain initiatives are now aware of its advantages in the industry, especially during the COVID-19 recovery phase.

From the time the pandemic crisis hit Singapore, Singapore immediately used blockchain technology to issue digital health passports and digital memos for migrant workers. These memos cannot be tempered.

Currently, Singapore focuses on fueling more innovations within the blockchain ecosystem. Many institutions are driving awareness and adoption of the technology to reveal more exciting opportunities to the public.

Singapore had an intense year of collaborating with the best industry stakeholders. However, they still managed to develop the Singapore Blockchain Ecosystem Report 2020, which created more opportunities for local blockchain companies to continue growing, thriving, and contributing to the country’s blockchain community.

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