Singapore Launches Blockchain Challenge with Funding Prizes

The Singapore government is launching an innovation-boosting blockchain challenge that will reward successful projects with funding.

AccessTimeIconMar 30, 2018 at 10:00 a.m. UTC
Updated Dec 12, 2022 at 12:44 p.m. UTC
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Singapore's government is launching a challenge that will reward successful blockchain projects with funding.

In an announcementhttps://www.gov.sg/~/sgpcmedia/media_releases/imda/press_release/P-20180329-1/attachment/2018-03-29%20Fact%20Sheet%20for%20Blockchain%20Challenge.pdf Thursday, Singapore's Infocomm Media Development Authority (IMDA) said the challenge aims to boost blockchain innovation as part of a wider goal of the digital transformation in the city state.

According to the fact sheet for the challenge, the bureau is specifically targeting two categories of blockchain applications: "enterprise" and "transformation."

The agency further explains that it is looking for distributed ledge technology that can either streamline business operations or that more broadly envisions changes in social interactions, such as within public services.

The IMDA said participants that are shortlisted will have six months to develop either a minimum viable product or proof-of-concept. Winning projects will receive S$50,000 (US$38,000) for the enterprise section or S$100,000 (US$76,000) for the transformation category.

Philip Heah, senior director of sectoral transformation at the IMDA, commented:

“To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation. Through the IMDA Blockchain Challenge, we will drive awareness and spur development and adoption of this promising technology throughout our economy, including non-fintech segments.”

Separately, the IMDA is also calling for broader industry collaboration with blockchain startups focusing on identification-related solutions or any more general project that is interested in working with the agency on blockchain development.

The challenge is being launched at a time when Singapore has repeatedly been voicing support for moves to adopt the technology.

As previously reported, the Monetary Authority of Singapore, the city-state's de facto central bank, is already working on a cross-border remittance solution based on blockchain – called Project Ubin – through partnership with the Bank of Canada.

Singapore image via Shutterstock

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