Singapore government to invest $9 million toward blockchain research and adoption

Singapore's government has launched a new SG$ 12 million (about US$ 9 million) program to strengthen the country's blockchain ecosystem.

The program, dubbed Singapore Blockchain Innovation Programme, will facilitate the research, development, and commercialization of real-world blockchain applications. The initiative will engage about 75 companies to conceptualize 17 blockchain projects within the next three years in sectors starting with trade, logistics, and supply chain.

It is already working with trade technology firm Dimuto to use blockchain technology for tracing perishable items to improve farmers' creditworthiness. The program is hosted by the National University of Singapore, funded by the National Research Foundation, and supported by Enterprise Singapore, Infocomm Media Development Authority, and the Monetary Authority of Singapore.

"The [COVID-19] pandemic has shown that businesses and even entire industries have to change. With the booming demand for digital solutions to support this change, there is now an increased need for a secure and trustworthy way to transact," said Peter Ong, chairman of Enterprise Singapore. "Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials."

"Blockchain is an important enabler to embed trust into the digital world given its immutability, transparency, and traceability," Ong added.