Singapore’s government has launched a new blockchain research program for 8.9 million USD (12 million SGD) in funding. The new research program called the Singapore Blockchain Innovation Program (SBIP) is based on a joint collaboration between Enterprise Singapore, Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore (NRF). The initiative is supported by the Monetary Authority of Singapore, the central bank of Singapore.
Singapore Government $8.9 Million Blockchain Research Project
The fundings from the blockchain research program will be used to develop and encourage blockchain adoption among companies. The press release highlighted that the program will engage close to 75 companies over the next three years.
The research program has already started working with Dimuto, a global supply chain platform to use blockchain technology for tracing and logistics.
Peter Ong, chairman of Enterprise Singapore, said in a statement:
“COVID-19 has emphasized the need for trusted and reliable business systems in the new digital world. Blockchain technology helps embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials.”
In a separate release from ESG, IMDA, and NRF, the agencies said that small and medium-sized enterprises and start-ups have submitted more than 300 proposals across 16 National Innovation Challenges problem statements since July 2020. This only highlights the strong interest to solve issues related to innovation projects and enable digital transformation.
Programme Intends to Encourage Blockchain Adoption
Lew Chuen Hong, chief executive of IMDA, said that the programme intends to encourage blockchain adoption in industries beyond finance. This includes upskilling the industry manpower and know-how:
“These efforts allow Singapore to build a strong blockchain ecosystem and establish our role as a trusted hub.”
Even though big companies to startups have already started experimenting with the use of blockchain technology in supply chains. The need for a blockchain-based supply chain had a significant urgency during the COVID-19 pandemic while highlighting the loopholes of international logistics.