About Blockchain Technology
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.
IMDA will do two things 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:
- Catalyse development of the Singapore blockchain ecosystem through engagement platform(s) that function as the nexus of the blockchain community; and
- Seed blockchain trials through Blockchain Challenges
IMDA’s Blockchain Challenge aims to promote awareness and adoption of the technology; and encourage companies to explore business model innovation and/or transformation arising from the technology.
Through its Blockchain Challenge, participants are challenged to produce successful Minimum Viable Products (MVPs) or Proofs-of-concept (POCs) solving industry-facing challenges.
Participants can choose from two project categories:
- Enterprise – Projects that have the potential to improve operational efficiency, e.g. process enhancement, automation of manual tasks, reduction of reconciliation tasks; or
- Transformation – Projects that have the potential to enable business model innovation, or have implications in how businesses, Government and society interact, and are associated with institutional change.
Results of Inaugural Blockchain Challenge
IMDA issued the inaugural Blockchain Challenge in March 2017 to enable early adopters in developing and implementing pioneering solutions using blockchain. The selected projects are:
Blockchain Challenge - Building Business Networks
Collaboration across multiple companies is cited as one of the key external challenges towards wider adoption. This may be due to a lack of technical standards or codified business models arising from the application of blockchains. PWC and Accenture studies suggest one solution is for industry to come together as consortiums or technology-based partnerships to overcome this.
To kickstart this process, IMDA is putting up seed funding for industry player(s) to implement engagement platform(s) to grow the blockchain ecosystem in Singapore through community engagement initiatives. The engagement platform could serve as a digital nexus for blockchain special interest groups, business ecosystems, solutions providers and other related services providers.
Blockchain Challenge - Wireless@SG
One of the business ecosystems that IMDA intends to drive will be in the telecommunications sector. To this end, IMDA is announcing the second Blockchain Challenge – which will utilize the Wireless@SG programme (W@SG). Companies are invited to submit blockchain proposals on how to innovate on either operational efficiency and/or business model innovation for W@SG. The proposals may either be targeted at IMDA as the programme owner, or any of the Wireless@SG operators participating in this initiative.
For download:Fact Sheet for Blockchain Innovation
The submission deadline for the Blockchain Challenge(s) has closed.
Enquiries on this Challenge may be directed to: DLT@imda.gov.sg