Government of Singapore pours $8.9Mn in blockchain innovation program

Government of Singapore pours $8.9Mn in blockchain innovation program

The program initially focuses on incorporating blockchain in logistics, trade, and supply chains

Several government agencies in Singapore have recent come together to launch a new research initiative dubbed the ‘Singapore Blockchain Innovation Programme (SBIP)’ which will focus on developing, commercializing and encouraging companies to adopt blockchain technology.

Backed by a US$8.9 million funding, the program includes participation from agencies like the Enterprise Singapore, the National Research Foundation Singapore and Infocomm Media Development Authority. Official reports claim that the program will cover close to 75 companies over the coming three years. It also plans on finding ways to enable blockchain systems & networks link with one another, and growing talent pool in the blockchain landscape.

SBIP is already working with supply chain platform Dimuto to use blockchain technology to track perishables with an aim to improving farmers’ creditworthiness. While companies ranging from startups to multinational behemoths like IBM have been seeking to apply blockchain technology to create more cohesive and transparent supply chains for years. Its deployment has become more crucial ever since the COVID-19 pandemic that uncovered various vulnerabilities in international supply chains and logistics.

Emphasizing on the need for reliable business systems in the new digital era, Peter Ong, Chairman of Enterprise Singapore, said that blockchain technology helps drive trust in applications ranging from trade financing, logistics and supply chains to digital identities and credentials.

It is prudent to mention that the government of Singapore is planning to form partnerships with blockchain companies and developers, with a vision of standing out as a ‘crypto hub’ that is more optimistic about the technology than any other country.

Apart from the SBIP, other blockchain-related government initiatives across Singapore include ‘Project Ubin’ that is under the Monetary Authority of Singapore. Initiated in 2016, Project Ubin is a multi-currency payments network had successfully proved its to be commercially capable following a series of tests with over 40 companies.

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