Blockchain News

Singaporean Government Launches $8.9M Blockchain Initiative, SBIP

Singaporean Government Launches $8.9M Blockchain Initiative, SBIP

Singaporean Government is ready to launch the Singapore Blockchain Innovation Program (SBIP). The Singaporean government has allocated $8.9 million to the national blockchain initiative, the Singapore Blockchain Innovation

Program (SBIP). Singapore intends to become a global player in the blockchain technology space. The initiative named the Singapore Blockchain Innovation Programme (SBIP) will receive $8.9 million from the National Research Foundation.

SBIP Intends to Boost Singapore’s Blockchain Ecosystem

The SBIP comprises Infocomm Media Development Authority, Enterprise Singapore, and the National Research Foundation Singapore. The collaboration intends to develop, commercialize, and boost the adoption of blockchain technologies by Singaporean companies. Further, in order to prove its dedication to boost Singapore’s blockchain ecosystem, SBIP aims to employ almost 75 companies dispersed across the divide from multinational corporations to large local enterprises. 

These companies will play a crucial role in conceptualizing 17 blockchain technology-related projects in various industries such as logistics, supply chain, and trade in the next three years. Moreover, to date, the group has started operating with the global supply chain platform, Dimuto. Collectively, the group and Dimuto are operating to execute a blockchain system to track perishable food items to enhance farmers’ reliability.

The SBIP attempts to understand and act on the problem of scalability, particularly in tech spaces with increased transaction rates. For example, it will expand interoperability, which will push value exchange over various systems. The Singaporean government also aims to extend its blockchain technology talent pool as this will provide ICT firms a more extensive scope when drilling into this cutting-edge technology. Recently, Singapore’s blockchain technology ecosystem has a sum of 234 entities. Out of 234 entities, 91 came into existence this year.

The initiative is the latest source that states the Singaporean government is contemplating to authenticate itself as a blockchain-friendly entity. Recently, Singapore associated with the Australian Border Force (ABF) in a blockchain trial to improve cross border trade. Moreover, this blockchain infrastructure was to make exchange between the two nations easier, paperless, and more cost-efficient. 

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