Singapore Launches $8.9M Blockchain Research Program for Trade & Supply Chain

A group of Singaporean government agencies is reportedly getting ready to launch a new research program focusing on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technologies. The initiative, called the Singapore Blockchain Innovation Programme (SBIP), is set to receive SGD$12 million (~US$8.9 million) from the National Research Foundation.

The group is comprised of Enterprise Singapore, Infocomm Media Development Authority and the National Research Foundation Singapore. The goal of the collaboration is to develop, commercialize and boost the adoption of blockchain technologies by Singaporean companies, particularly those operating in trade, logistics and the supply chain.

A press release on the launch of the program said that the initiative is slated to “engage close to 75 companies” over the course of the next three years. So far, the group has begun working with global supply chain platform, Dimuto. Together, the group and Dimuto are working to implement a blockchain system that can be used to trace perishable food items to improve farmers’ credibility.

“COVID-19 Has Emphasized the Need for Trusted and Reliable Business Systems in the New Digital World.”

According to TechCrunch, the COVID-19 pandemic has highlighted the need for blockchain-based supply chain and logistics systems. The publication reported that Peter Ong, the Chairman of Enterprise Singapore, explained that “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,” Ong said.

The initiative is the latest piece of evidence that the Singaporean government is looking to establish itself as a blockchain-friendly entity. Previously, the Monetary Authority of Singapore (MAS) launched 'Project Ubin' in 2016.

According to MAS’s website, the project was launched as a way to “explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and securities.” After completing tests with more than 40 companies in July, Project Ubin announced that the commercial viability of its multi-currency payments network had been proven.