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.
Evolution of IMDA’s Blockchain Challenge
IMDA has launched a series of Blockchain Challenges since the early 2018, and the areas of focus for each Challenge evolves over time together with the development of the technology and environment in Singapore.
Catalysing Non-Financial Applications of Blockchain (Mar 2018)
In early 2018, there was a relatively vibrant ecosystem in Singapore exploring the use of blockchain in various applications in the financial sector. However, comparatively, the application of blockchain in other sectors was relatively nascent. The 1st Blockchain Challenge sought to enable companies to develop pioneering solutions using blockchain beyond financial applications.
The selected projects are:
- Cargo Community Network Pte Ltd: Air Cargo Billing, Costing and Reconciliation on Blockchain
- Distributed Ledger Technologies (DLT) Pte Ltd: Business Blockchain Apps for Extended Supply Chain
- GroupM Singapore Pte Ltd: GroupM Zilliqa Programmatic Ad Blockchain Alliance
- LegalFAB Private Limited: Blockchain-Enabled Authentication for the Legal Industry
- Tradebchain Pte Ltd: GENIE: Enabling Supplier Financing
- VeriTAG Pte Ltd: Food Safety on Blockchain
- Vuulr Pte Ltd: Transforming the Monetisation of TV & Film Rights using the Blockchain
For more information on the above projects, please refer to the Fact Sheet for Blockchain Innovation (519.91KB).
Kickstarting Efforts to Develop Blockchain Industry Ecosystems (Nov 2018)
By end 2018, the vibrancy of companies exploring blockchain in non-financial applications in Singapore had grown. There is also acknowledgement that blockchain’s network effect benefits are typically best realized when different participants come together (as opposed to companies just building blockchains for their own use). Early adopters who were keen to get started in blockchain typically needed to find other like-minded partners. Industry research suggests that bringing together a group of stakeholders to collectively agree on a set of standards that will define the business model is one of the biggest challenge in blockchain, and makes a case for businesses to forge industry ecosystems. The next Blockchain Challenges were launched in end 2018 to encourage the formation of industry ecosystems, kickstarting efforts to develop the blockchain ecosystem in Singapore:
a. TRIVE Venture Capital Pte Ltd (Tribe Accelerator) was selected to be IMDA's industry partner to put in place the blockchain ecosystem engagement platform, OpenNodes – To catalyse industry ecosystem formation by serving as the digital nexus for blockchain special interest groups, business ecosystems, solutions providers and other related services providers; and
b. Application of blockchain in the telecommunications sector – One of the industry ecosystems that IMDA intends to drive is in the telecommunications sector. A Blockchain Challenge was launched to explore either operational efficiency and/or business model innovation use cases relevant to the Wireless@SG programme.
The selected projects are:
- ConsenSys Pte Ltd: Singapore Experience
- Aqilliz Pte Ltd in partnership with MyRepublic Limited: MyRewards
For more information on the above projects, please refer to this appendix (528.35KB).
Growing and Connecting Blockchain Business Networks (Nov 2019)
In 2019, blockchain technology continues to mature, particularly in the area of scalability and interoperability, so that blockchain-based solutions can scale. There are also early industry ecosystems being formed around specific sectors and/or use cases. However, as early industry ecosystems formed tend to be relatively small, business value reaped from network effects are limited. Recognising that the ability to exchange data and transactions across chains would allow participants of industry ecosystems to reap greater business value through network effects, there is also growing industry interest in blockchain interoperability, and connecting different blockchain business networks together.
To this end, IMDA is launching a Blockchain Challenge to catalyse the formation of blockchain business networks, and for such networks to connect and grow. The Blockchain Challenge will feature several themes:
a. Payments – As part of Phase V of Project Ubin, the Monetary Authority of Singapore has developed a prototype blockchain-based multi-currency payments network for the purpose of industry testing with commercial applications and use-cases. Industry partners are invited to submit proposals to use the payments functions developed;
b. TradeTrust – IMDA has developed TradeTrust, an interoperability framework to enable the exchange of digital trade documents. Industry partners are invited to submit proposals to use the TradeTrust prototype developed to address real-world issues related to cross-border trade and/or trade financing; and
c. Open – With the growing maturity of the blockchain ecosystem in Singapore, there are many industry-led blockchain business networks, at varying stages of maturity in their development. Industry partners are invited to submit proposals to qualify for support to grow their existing blockchain business networks, or to inter-connect with other Blockchain networks.
The selected projects are:
- LegalFAB Pte Ltd: Offshore Decentralised Autonomous Corporation (DAC)
- Ernst & Young Advisory Pte Ltd: TradeTrust and Nightfall
- HKDAG (Singapore) Pte Ltd (HashKey Group): Cross-Borders Trade and Supply Chain Finance Platform
- JEDTrade Pte Ltd: Managing Business Process across Enterprises with TradeTrust
- Trade Window Pte Ltd: Trade Window Business Network
- Tramés Pte Ltd: International Freight Orchestration
- VeriTAG Pte Ltd: Digitize and Legalize ACRA documents in China
- Chemistry Team Pte Ltd in collaboration with So Now Asia Pte Ltd and Kryha APAC Pte Ltd: Circular Economy on the Blockchain: Connecting Off-take Recovery with Manufacturing to Enable a Zero-waste Economy
- InfoCorp Technologies Pte Ltd: Cross-Border Livestock-Backed Financing via FarmTrek and Sentinel Chain
- JEDTrade Pte Ltd: JEDTRADE Interoperability with SmartMesh Ecosystem
For more information on the above projects, please refer to this appendix (566.95KB)
Singapore Blockchain Ecosystem
Please refer to the Singapore Blockchain Ecosystem for an overview presentation of Singapore's vibrant and diverse blockchain landscape.
Enquiries on the above challenges may be directed to: DLT@imda.gov.sg.