Enterprise Singapore, Infocomm Media Development Authority (IMDA), the National Research Foundation Singapore (NRF) and the Monetary Authority of Singapore (MAS) announced today it has launched a S$12 million (US$9 million) Singapore Blockchain Innovation Programme (SBIP) to further strengthen Singapore’s blockchain ecosystem.
Funded by NRF, this national effort aims to align blockchain technology research with the needs of the industry, to facilitate the development, commercialisation and adoption of wider real-world applications.
This 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.
Beyond research translation, SBIP will look into blockchain scalability to enable the adoption of blockchain in environments with high transaction rates.
The programme will also support blockchain interoperability, to enable value exchange across systems and address the current challenges of siloed networks. SBIP claims it will also look to grow the tech talent pool to enable ICT companies to further tap on blockchain technologies.
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