Singapore’s National Research Foundation (NRF), Enterprise Singapore (ESG) and Infocomm Media Development Authority (IMDA) are collaborating in a collective investment of S$12 million ($9 million) to expand Singapore’s blockchain research. The Singapore Blockchain Innovation Programme (SBIP) is also supported by the Monetary Authority of Singapore.
The NFR started the initiative to align research on blockchain with the needs of national industries. During the next three years, SBIP aims to network with 75 companies and implement 17 blockchain-related projects. Furthermore, the research will explore blockchain scalability in environments with high transaction rates, blockchain interoperability and be on the lookout for promising blockchain startups.
SBIP’s first research projects will focus on trade logistics and supply chain solutions. For instance, SBIP will work with trade technology service startup DiMuto for blockchain solutions to track and trace high-valued perishables to improve farmers’ creditworthiness. Enterprise Singapore was involved in another trade announcement today about a new network of blockchain networks in Asia that includes China’s Blockchain-based Service Network (BSN).
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