A group of Singaporean government agencies is reportedly getting ready to launch a new research program focusing on blockchain 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 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.