Bitcoin
$64,316.15-3.75%
Ethereum
$3,156.79-2.62%
Binance Coin
$605.20-0.23%
Solana
$147.52-7.11%
XRP
$0.52749270-3.40%
Dogecoin
$0.15195786-6.09%
Toncoin
$5.55-4.24%
Cardano
$0.47659663-5.60%
Shiba Inu
$0.00002567-5.42%
Avalanche
$36.33-6.88%
Wrapped Bitcoin
$64,434.27-3.71%
Tron
$0.11408072+1.14%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
34
DAYS
10
HR
00
MIN
29
SEC
Tech

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

The government-backed foundation is funding research and development of commercial use cases for blockchain technology.

By Sebastian Sinclair
AccessTimeIconDec 7, 2020 at 11:08 a.m. UTC
Updated Sep 14, 2021 at 10:39 a.m. UTC
Singapore
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A Singapore government research department has launched a 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 NRF, 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 NRF, the Infocomm Media Development Authority and Enterprise Singapore (ESG), a government agency supporting businesses, also participated in the launch.

See also: Pandemic Will Speed Bitcoin Adoption, Says DBS Bank Economist

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.