Singapore’s National Research Foundation Invests $9M in Blockchain Innovation

bit2Big > Bitcoin News > Singapore’s National Research Foundation Invests $9M in Blockchain Innovation

A Singapore government research department has launched a new program intended to advance commercial applications of blockchain within the city-state.

According to a report by The Strait Times on Monday, the S$12 million (US$8.99 million) program from the National Research Foundation (NRF) will support research and development of real-world use cases for the technology.

The Singapore Blockchain Innovation Programme is expected to interact with up to 75 companies ranging from multinational corporations, large enterprises and IT firms to come up with 17 blockchain-based projects.

The initiative will see those projects established over a three-year period across sectors including trade, logistics and supply chains, The Times said.

The NFR, established in 2006, operates as a department within the Prime Minister’s Office to guide Singapore’s direction on research and development.

While the program is funded by the NFR, the Infocomm Media Development Authority and Enterprise Singapore (ESG), a government agency supporting businesses, also participated in the launch.

The coronavirus pandemic has underscored the importance of “trusted and reliable business systems,” said ESG chairman Peter Ong. “Blockchain technology helps to embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials.”

The business solutions developed under the program are expected to help Singapore’s enterprises to be “more globally connected and competitive,” he added.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

Crypto and blockchain: it’s time to put the phenomenon vs fad debate to bed
April 18, 2021By
A year into Covid, Durban’s beachfront farmers are still tilling the soil
March 28, 2021By
Editorial: Whistleblowers need our protection
March 28, 2021By

Recent Cases

Related Posts

Leave a Reply