The small island nation of Singapore consistently ranked as the world’s best place to do business, witnessed a massive growth in the number of businesses using Blockchain technology and cryptocurrencies. A free-market economy, investor-friendly laws combined with high levels of education and internet penetration, are some reasons for Singapore’s conducive reputation.
Singapore have become the up-and-coming destination for companies that want to raise funds using blockchain technology.
The number of companies launching initial coin offerings (ICO) in Singapore has rocketed in recent months, according to fintech businesses, lawyers and industry groups.
Key initiatives around blockchain development in Singapore:
- Global eTrade Services (GeTS), a subsidiary of CrimsonLogic (a leading provider of eGovernment products and services based in Singapore), has launched Open Trade Blockchain (OTB), an inclusive and extensible blockchain service built for the trade communities to boost overall efficiency, security, and transparency for global trade. The geolocation of existing and upcoming nodes provides an extensive blockchain network across Asia.
WithOTB linking China to the rest of the region provides a strategic edge to businesses wanting to participate in China’s BRI initiatives as it offers greater connectivity with the country’s “Digital Silk Road”.
- Singapore Airlines has officially launched its blockchain-based loyalty program for frequent customers. KrisPay, a digital wallet developed in partnership with KPMG and Microsoft, allows Singapore Airlines customers to turn travel miles into units of payment, which can be used with partner merchants in Singapore. The innovative platform allows members to choose from using as little as 15 KrisPay miles (equivalent to about $0.10) to pay for their purchases at partner merchants, either partially or in full
. Singapore’s leading higher education institution Ngee Ann Polytechnic announcedin May,2017 that it has teamed up with United Overseas Bank’s FinLab blockchain startup Attores. Ngee Ann students will be awarded digital certificates called Diploma Plus Certificates, which will be deployed directly on the students’ LinkedIn profiles. Ngee Ann Polytechnic’s blockchain initiative is in line with Singapore’s massive efforts to become a Smart Nation.
- Project Ubin, a Monetary Authority of Singapore-led initiative where DLT (Digital Ledger Technology) can be used for the clearing and settlement of payments and securities, specifically the use of a tokenized form of the Singapore dollar on a distributed ledger.
Averspace, a Singapore P2P real estate startup launched a new feature of blockchain-enabled house rentals. Homeowners and prospective tenants can enter into a digital tenancy agreement right on their smartphones, without needing both parties to meet face to face – all communication can be facilitated through the in-app online chat feature.
- The Intellectual Property Intermediary (IPI), an
organisationestablished under Singapore’s Ministry of Trade and Industry, has been working on a ‘Blockchain Technology for Food’ project. This technology tracks and traces materials and products using the blockchain database to store information gathered from all the actors that take part in the food production chain. The solution ensures leading-edge data structure management and data storage standards, ensuring food quality, guaranteeing food safety and reducing food waste.
- SGInnovate, Singapore’s government-owned deep technology development firm, has invested in MediLOT Technologies, a Singapore-based blockchain
andhealthcare analytics startup, for an undisclosed amount as part of its strategy to develop research-based deep tech startups. Blockchain could help to reduce those admin tasks considerably and help doctors spend more time with those who really need them – their patients.
- Electrify, an energy-based startup changed the way in which people buy electricity in Singapore. Through a web and mobile platform, consumers can buy energy from electricity retailers through “smart contracts” which directly write the terms between the buyer and the seller into lines of code, enforcing the agreement through a blockchain network.
The Asia Pacific region is currently the fastest growing market for blockchain in the world, according to a report by Genesis Market Insights. Another report by the consulting firm PwC highlights that 82 percent of executives in Singapore have reported that blockchain initiatives are underway in their organizations. Out of which, 13 percent have brought the initiatives live to the market.
The world’s best blockchain researcher along with the government that supports innovation is giving Singapore an edge over other countries in leading the blockchain revolution.
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