As part of the SBIP initiative, the Singaporean government plans to engage with nearly 75 companies and other multinational corporations. Besides, it aims at simultaneously supporting the country’s talent pool for all blockchain developments.
The Singapore government is taking bold measures and initiatives to expand research and development in the country’s blockchain landscape. Earlier today, December 7, a group of Singaporean agencies announced the launch of the new Singapore Blockchain Innovation Program (SBIP).
This new project is a collaboration between Infocomm Media Development Authority, Enterprise Singapore, and the National Research Foundation Singapore. The SBIP is a new research program for blockchain technology and has received $12 million in funding from the government. Besides, it also has support from the country’s central bank – the Monetary Authority of Singapore.
Basically, this huge funding comes from Singapore’s National Research Foundation. All of this funding will go towards the development, commercialization, as well as adoption of blockchain technology for some real-world applications. As per reports, the program will put the focus on using blockchain in logistics, trade, and supply chain.
In the next three years, the SBIP plans to engage with nearly 75 companies and other multinational corporations. Besides, it’s also working with a global supply chain platform Dimuto. The platform uses blockchain technology for tracing perishables. This also helps to improve farmer’s creditworthiness.
Apart from real-world applications, the program will also look into enabling blockchain adoption in sectors with high transaction rates. It also focuses on expanding the country’s blockchain talent pool.
Singapore Is Transforming Global Logistics Using Blockchain
This year, the global logistics and trade industries have witnessed major disruption on the outbreak of the COVID-19 pandemic. Well, this has given the industry all the more reason to set up robust supply chain mechanisms in place. Over the years, several startups and big organizations have been working to create robust supply chains. In a statement, Enterprise Singapore (ESG) chairman Peter Ong 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.”
“The acceleration of innovative business solutions under the Singapore Blockchain Innovation Programme will help our enterprises be more globally connected and competitive,” he added.
By launching the Singapore Blockchain Innovation Program (SGIP), the government positions itself as a partner to blockchain developers and companies. Over the last few years, Singapore has emerged as one of the most blockchain and crypto-friendly countries in the world.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.