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.
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
Enquiries may be directed to: DLT@imda.gov.sg