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The Singapore government appreciated the potential of technology blockchain. He decided to spend $ 12 million on research in this sector. In the coming years, the implementation of as many as 17 related projects is planned.

$ 12 million for blockchain technology research

According to official reports, the Singapore government has invested $ 12 million in blockchain research. This information was released by a government agency Enterprise Singapore (ESG), responsible for promoting activities supporting business in the country. This decision was dictated by the need to develop Singapore as a global center of trade and entrepreneurship.

Singapore Blockchain Innovation Program

The investment in question includes commissioning Singapore Blockchain Innovation Program (SBIP)which will be implemented in cooperation with the Infocomm Media Development Authority (IMDA) and the National Research Foundation Singapore (NRF). Additional support for the entire project is to be provided by the Monetary Authority of Singapore (MAS). The entire project is aimed at strengthening the national blockchain ecosystem and promoting the use of this technology. It has noticed numerous benefits that it can bring to enterprises, such as decentralization and stability of data and ensuring a greater level of security and transparency.

The program covered nearly 75 companies, including international ones, and it was financed by the NRF. In the coming years, the implementation of 17 projects related to blockchain technology is planned, covering such areas as trade, logistics and supply chains.

Why blockchain?

The question is why the Singapore government decided to invest so much money on blockchain technology. The answer seems obvious. We are talking about a country that is one of the most important trade and logistics centers in Southeast Asia, and also on a global scale. Therefore, the position in the world leader obliges to invest in technological innovations. Importantly, the SBIP program will allow the use of blockchain technology to be extended to other industries than just finance. In addition, the current pandemic situation COVID-19 additionally, it creates the need to build reliable, trustworthy and modern business systems. And it is possible, among others thanks to blockchain technology.

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