The Infocomm Media Development Authority believes there is room to accelerate growth in blockchain, or other distributed ledger technologies, to help enable a Digital Economy for a Smart Nation. Through the Blockchain Challenge, IMDA is enabling companies to develop pioneering solutions using blockchain beyond financial applications.
Blockchain is a form of distributed ledger technology (DLT), designed to solve trust in digital asset transactions without a central administrator. It has been identified to have the ability to multiply returns and disrupt industries (such as supply chains) if implemented.
However, its nascent state and lack of large-scale successful use cases outside the fintech sector is hampering mainstream adoption. Its nascence means end-user companies have a lack of codified business models on how to work together using blockchain’s trusted environment. The industry is showing signs of silo-ed, specialized, blockchain solutions rather than interoperable network blockchains. There is also a lack of methods for companies looking to be early adopters to find other like-minded partners.
To combat these issues and help scale up blockchain technology to reap economies of scale, transform industry supply chains, encourage interoperability and avoid fragmented products, IMDA will:
- Catalyse development of the Singapore blockchain ecosystem through engagement platform(s) that function as the nexus of the blockchain community;
- Support blockchain trials through Blockchain Challenges; and
- Support and expand blockchain research to the needs of the industry and for the research to find wider real-world applications and commercialisation via the Singapore Blockchain Innovation Programme
Enquiries may be directed to: DLT@imda.gov.sg