The government of Singapore is currently launching a Blockchain challenge that plans to reward various successful Blockchain projects with the required funding. This move hopes to change the face of Bitcoin investment in the country.
The Infocomm Media Development Authority of Singapore made an announcement Thursday stating that the aim of the challenge is to boost innovation of blockchain as a part of a broader goal of digital transformation.
The fact sheet for this challenge reveals that the bureau is targeting two specific categories of blockchain, which are transformation and enterprise to improve bitcoin investment.
Blockchain and the future of Singapore
Also, the agency went on to state that it is searching for a distributed ledger technology which will streamline business operations and also envisions the changes in social interactions as seen in public services.
The bureau also stated that the shortlisted participants would have a time frame of 6 months to come up with an innovative, viable product or the proof of concept. All winning projects will receive a sum of US$38,000 or S$50,000 for the enterprise category. The transformation sector will receive a sum of US$76,000 or S$100,000.
The senior director of the sectoral transformation at IMDA, Philip Heah, stated:
“To make sure every business becomes a digital business, the Digital Economy of Singapore requires technology that can accelerate the sector transformation. With this blockchain challenge, the agency hopes to promote awareness and spur development while adopting the promising technology all through the economy including the non-FinTech sections”.
The IMDA is calling for a larger industry alliance with Blockchain startups that focus on identification linked solutions or general projects that are interested in collaborating with the agency on the development of blockchain.
This challenge comes at a time when the country has repeatedly voiced support for the blockchain industry and moves to incorporate the technology into their systems.