Singapore Government Invests $9 Million in Blockchain Ecosystem Development

Singapore Government Invests $9 Million in Blockchain Ecosystem Development

The Singapore authorities have launched the Singapore Blockchain Innovation Program, which plans to develop the blockchain ecosystem in the city.

Companies participating in the program will receive $9 million over three years. The grants will be allocated for research, development, commercialization and implementation of blockchain-based applications in Singapore. About 75 companies and 17 projects from various sectors, including trading, logistics and supply, will participate in the program.

One of the companies that announced participation in the Singapore Blockchain Innovation Program was Dimuto. It is developing a blockchain – based system for tracking perishable products in order to increase the creditworthiness of farmers.

The organizer of the program was organized by the national University of Singapore. The funds are provided by the National Research Fund and the Monetary Authority of Singapore.

“The pandemic has shown that businesses and even entire industries need to change. There is an ever-growing demand for digital solutions to support these changes, as well as an increased need for reliable and secure transactions. Blockchain enables trust in applications for a wide variety of industries, including logistics and supply chains, trade finance, and identity systems, ” said Peter Ong, Chairman of Enterprise Singapore.

In early October, it was reported that Singapore will transfer the storage of medical data to the blockchain. For this purpose, the Digital Health Passport system was developed.