IBM announced its plans to work in collaboration with the government of Singapore to establish the first IBM Center for Blockchain Innovation.
According to the official press-release, IBM partnered with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) to open the first IBM Blockchain center of its kind in Singapore.
Kiren Kumar, Executive Director, Infocomms and Media, EDB said:
"The IBM Center for Blockchain Innovation will allow companies across industries to partner with IBM in co-creating cutting edge digital solutions for global markets from Singapore. We are also pleased that IBM continues to engage actively with institutes of higher learning through the Center, creating roles for a deep talent pool in Singapore to advance emerging technologies."
At the new center, IBM Researchers will develop projects based on Blockchain and cognitive computing technologies, including Blockchain-based trade solutions to improve efficiency of multi-party trade finance processes and transactions.
Moreover, according to release, “IBM will work with the Port Authority of Singapore, the world's largest container transhipment port, to create a trade ecosystem which connects emerging financial technologies with the physical world of global trade and logistics.”