Last updated: 13 March 2023
Published on: 29 March 2018
3 MINS READ
IMDA believes there is significant untapped opportunities for Blockchain solutions in non-fintech solutions, and is now opening a Blockchain Challenge to accelerate such developments and accept proposals to generate proof-of-concepts.
SINGAPORE – 29 March, 2018: The Infocomm Media Development Authority (IMDA) today launched a Blockchain Challenge to accelerate the development and adoption of innovative new solutions using blockchain technologies beyond fintech.
Blockchain is a form of distributed ledger technology, with the potential to accelerate Singapore’s transformation into a Digital Economy. Through blockchain, companies from food suppliers to entertainment and media companies can lower costs, expand connections, and overhaul their business models.
Blockchain technology is expected to grow quickly, with a potential compound annual growth rate of up to about 79% from 2017 – 20221
As most commercial blockchain solutions are currently in the fintech space, there are significant untapped opportunities for companies with pioneering blockchain solutions in non-fintech such as the food supply chain, or records for healthcare or property. IMDA’s Blockchain Challenge seeks to accelerate the development of such solutions, and identify possible use cases with greater commercial development.
As the strategic partner for this Challenge, SGInnovate will be providing IMDA with access to its blockchain community networks. These networks represent potential partners and participants for the Challenge, where they may collectively drive exploratory solutions.
Mr Philip Heah, Senior Director (Sectoral Transformation) said, “To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation. Through the IMDA Blockchain Challenge, we will drive awareness and spur development and adoption of this promising technology throughout our economy, including non-fintech segments.”
Participants are invited to choose from two project categories – Enterprise or Transformation – to pitch a potential solution. Shortlisted projects must then work on a Minimum Viable Product or Proof-of-Concept, with successful projects receiving prizes of S$50,000 (Enterprise) or S$100,000 (Transformation).
Interested applicants may apply online at https://www.imda.gov.sg/blockchain-challenge. The first round of proposals will close at noon, 28 May 2018.
1“Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2022”, Research and Markets, December 2017.
Annex A: Blockchain Challenge Fact sheet (327.79KB)
ISSUED BY THE INFOCOMM MEDIA DEVELOPMENT AUTHORITY
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
For more news and information, visit www.imda.gov.sg or follow IMDA on Facebook IMDAsg and Twitter @IMDAsg.
For media clarifications, please contact:
Eugene NEUBRONNER (Mr)
Manager, Communications and Marketing Division, IMDA
DID: (65) 6211 1182
Christopher KOH (Mr)
Senior Manager, Communications and Marketing Division, IMDA
DID: (65) 6211 1709
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