A S$12 million Singapore Blockchain Innovation Programme (SBIP) has been launched to support the development of blockchain projects in the port city, with an initial focus on trade, logistics and supply chain applications.
The programme was launched by Enterprise Singapore (ESG) and Infocomm Media Development Authority (IMDA), is funded by the National Research Foundation Singapore (NRF) and is being supported by the Monetary Authority of Singapore (MAS).
The initiative will look to engage approximately 75 companies to conceptualise 17 blockchain related projects within the next three years, with an emphasis on supporting blockchain interoperability to allow data to move between different blockchain systems.
“COVID-19 emphasised the need for trusted and reliable business systems in the new digital world,” said Peter Ong, Chairman, Enterprise Singapore.
“Blockchain technology helps to 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.”