Singapore’s government launches blockchain innovation program with $8.9 million in funding
A group of Singaporean government agencies is launching a new research program for blockchain technology with $12 million SGD (about $8.9 million USD) in funding. Called the Singapore Blockchain Innovation Programme (SBIP), the project is a collaboration between Enterprise Singapore, Infocomm Media Development Authority and the National Research Foundation Singapore. It has support from the Monetary Authority of Singapore, the country's central bank and financial regulator.
SBIP's funding comes from the National Research Foundation, and will be used to develop, commercialize and encourage the adoption of blockchain technology by companies. The program will first focus on the use of blockchain in trade, logistics and the supply chain.
According to a press release, the program will engage close to 75 companies" over the next three years. It is already working with Dimuto, a global supply chain platform, to use blockchain technology to trace perishables with the goal of improving farmers' creditworthiness.
The program's other plans include finding ways to help blockchain systems and networks collaborate with one another, and growing the blockchain sector's talent pool.
Blockchain has the potential to revolutionize the supply chain
While companies ranging from startups to giants like IBM have been exploring the use of blockchain technology to create more transparent and cohesive supply chains for years, the issue has become more urgent as the COVID-19 pandemic highlighted vulnerabilities in international logistics and supply chains.
In a statement, Peter Ong, the chairman of Enterprise Singapore, said 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."
Singapore's government is positioning itself as a partner to blockchain developers and companies, with the goal of becoming a crypto hub" that is more open to the technology than other countries. Other blockchain-related government initiatives include the Monetary Authority of Singapore's Project Ubin. Launched in 2016, Project Ubin announced in July that its multi-currency payments network had proved its commercial potential after tests with more than 40 companies.