The government of Singapore has continued to give support in the form of financial incentives to Blockchain technology innovation in the country with several investments. The total amount of funding is not yet officially uncovered.
In a press release, Singapore's Info-communications Media Development Authority (IMDA) declared seed funding for firms to create an exhaustive Blockchain technology platform to link all stakeholders from inside and outside the sector.
The platform seeking to get funding should include guides for initiatives on Blockchain technology adoption, a folder listing of the country's distributed ledger technology (DLT) ecosystem, and enable interested firms to step forward and interact with other related parties, as per The Straits Times, a local news outlet.
The IMDA also wants the platform to link Singapore's DLT community with major international communities, particularly those in Silicon Valley and the People's Republic of China.
As per IMDA, DLT's infant state and the inadequate number of large-scale successful cases outside the FinTech industry has hindered conventional adoption.
“End-user companies hence have a lack of established business models on how to work together using blockchain,” an IMDA spokesperson said. “This has resulted in the industry showing signs of siloed, specialised blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users.”
Furthermore, the IMDA also declared the second run of its 'DLT challenge,' following the previous closure of the first edition that saw 7 big projects heavily funded.
Participants are to create fruitful Proof-Of-Concept (POCs) or Minimum Viable Products (MVPs) answering sector-facing challenges. They can either select from enterprise or transformation.
IMDA is targeting improvements in the telecommunication industry with the aid of DLT in this effort of the challenge. Participants are required to submit projects which innovate or ameliorate on its Wireless@SG programme. January 31, 2019, is the official deadline for project submissions.
Singapore has been trying to connect DLT entrepreneurs with other major leaders from different industries. Earlier 2018, Singapore showed interest in assisting DLT startups to create private traditional bank accounts.
Some experts believe that such a move could have a positive impact on the entire crypto community. Alex Reinhardt, Venture investor, business development expert, serial entrepreneur, Co-Founder and CEO of ELVN Crypto Messenger and Wallet, stated to Coinidol:
“We should welcome such a decision in every possible way. The government of Singapore has taken a comprehensive approach to resolving the issue and offered financial incentives to develop a blockchain ecosystem in the country.
There are few examples in the world of highly industrialized countries coming up with such initiatives. Unfortunately, we have so far seen government agencies remain guarded about the industry.
The government resolution will not only have a beneficial effect on the blockchain industry’s growth in the country but it will dramatically enhance the Singapore companies’ competitiveness in the global market.
I am sure that the support measures will attract to Singapore new players from across the world eager to capitalize on the existing benefits.
It’s high time to acknowledge that blockchain is the technology of the future which, if used the right way, will offer vast opportunities to mankind to simplify many common processes.”