- Singaporean government agencies are launching a new blockchain-based research innovation program.
- The blockchain project is worth at least $8.9 million.
- The project will integrate several companies together, wherein trading, logistics, and supply chain sectors will experience using blockchain.
SBIP’s new infrastructure program is a collaboration of different sectors such as Enterprise Singapore, Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore (NRF). Moreover, Singapore’s Monetary Authority also offers intuitive support for the above-mentioned project.
As a national project, the new research program will introduce developmental growth to boost Singapore’s economy. Also, it will help commercialize the country’s industry-related activities and empower blockchain adoption by several companies.
To improve Singapore’s economy, the program will mainly focus on the application of blockchain technology in trading, logistics, and supply chain.
Additionally, the project will continue to work with up to 75 companies in the coming years. It is already in contact with Dimuto, a global supply chain giant, to utilize blockchain technology to trace perishable goods.
IMDA Chief Executive Lewis Chuen Hong said,
As the first major industry-driven blockchain research program, our intent is to proliferate blockchain adoption to a much broader set of industries, beyond just finance.
By doing so, the project will help improve farmers’ creditworthiness. The project has a wide range of featured plans to integrate blockchain systems and networks to increase the blockchain sector’s talent pool.