The initiative is aimed at further strengthening Singapore’s blockchain ecosystem and promoting the adoption of scalable and interoperable blockchain solutions.
Singapore has invested SGD 12 million in a national effort to expand blockchain technology research, forming the Singapore Blockchain Innovation Programme (SBIP) to facilitate adoption.
The initiative was launched at the week-long SFF x SWITCH on Monday (7 December) by ESG (Enterprise Singapore), IMDA (Infocomm Media Development Authority), NRF (National Research Foundation), and supported by MAS (Monetary Authority of Singapore).
“Blockchain technology enables transactions, even in a zero-trust environment,” said Singapore Deputy Prime Minister Heng Swee Keat in his opening keynote for the week-long event.
“In the last few years, the blockchain ecosystem in Singapore has grown significantly. But there are also known limitations, such as the energy efficiency of processing blockchains and the ability to connect different blockchain systems.”
“We are therefore launching the Singapore Blockchain Innovation Programme. This is Singapore’s first major blockchain research and translation programme.”
The SBIP will seek to further strengthen Singapore’s blockchain ecosystem, align blockchain technology research with the needs of the industry, and facilitate the development, commercialisation and adoption of wider real-world applications.
The industry-driven initiative will engage close to 75 companies including MNCs, large enterprises and ICT companies to conceptualise 17 blockchain related
projects within the next three years in sectors starting with trade and logistics, and supply chain.
The SBIP will additionally look into the scalability and interoperability of blockchain solutions, while also developing the blockchain technology talent pool in Singapore.
“As the architect of Singapore’s digital future, we are constantly pushing the forefront of innovation in areas such as blockchain,” said IMDA chief Lew Chuen Hong.
“As the first major industry driven blockchain research programme, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance. This includes levelling up industry manpower and know-how.”
“These efforts allow Singapore to build a strong blockchain ecosystem and establish our role as a Trust Hub.”
More information about the SBIP is available here.