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Singaporean Firms Likely to Benefit From Blockchain Innovation Funding

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Blockchain Innovation Funding

Singaporean Firms Likely to Benefit From Blockchain Innovation Funding

The Singapore government with an aim to support Blockchain innovation and adoption in the country has announced seed funding for the Blockchain firms on 22 Nov, Thursday.

Making the announcement through a press release the Singaporean info comm. Media development authority (IMDA) said that the funding initiative for the Blockchain innovation targets to bring all the stakeholders from inside and outside the industry to a single platform. Meanwhile, the proposed platform will also include a guideline for enterprises looking for Blockchain adoption. It is a directory listing all stockholders from Singaporean Blockchain community and an opportunity for the interested companies to come forward and engage with the other companies in Blockchain industry.

The IMDA further claim that agency is considering Blockchain technology as an innovation that can streamline the business operations and apply transformation in the way people interact, especially in public services.

According to the fact sheet, the challenge will focus specifically on two categories “enterprises” and “transformation” of Blockchain applications. The agency also declared that the participant companies will get six months to create a minimum viable product (MVP) and proof of concept (POC), where the winner in the enterprises section will be awarded grants of S$50000 (worth US $ 38000) and for transformation application will get S$100000 (the US $76000). And to participate, interested companies are asked to enroll themselves till JAN 31, 2019.

IMDA put on the challenge considering the nascent state of Blockchain and lack of wide-scale adoption, due to its less successful outcomes in large-scale use cases. Taking about it an IMDA spokesperson said “end user companies hence have lack of establishing business models on how to work together with Blockchain,” he further highlighted “this has resulted in the industry showing signs of soiled, specialized Blockchain solutions rather than interoperable network Blockchain, which would deliver the most benefits to users.”

Talking about the challenge Philip Heah, senior director at IMDA stated:”to ensure every business is a digital business, Singapore’s digital economy requires technology that can accelerate sector transformation.” And thus The IMDA Blockchain innovation funding “will drive awareness and spur development and adoption of the promising technology.”

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