Several governmental bodies in Singapore are initiating a new research initiative dedicated to blockchain technology, backed by $12 million SGD (approximately $8.9 million USD) in financial support. Officially named the Singapore Blockchain Innovation Programme (SBIP), this undertaking represents a joint effort between Enterprise Singapore, the Infocomm Media Development Authority, and the National Research Foundation Singapore. The Monetary Authority of Singapore, the nation’s central bank and financial regulatory body, also lends its support to the program.

Funding for SBIP is being provided by the National Research Foundation, and these resources will be allocated to the development, commercial application, and broader implementation of blockchain technology within businesses. The program will initially concentrate on applying blockchain solutions to areas such as trade, logistics operations, and supply chain management.

As stated in an official press release, the program anticipates collaboration with nearly 75 companies over the coming three years. It is currently partnering with Dimuto, a worldwide supply chain platform, to utilize blockchain technology for tracking perishable goods, with the intention of enhancing the creditworthiness of agricultural producers.

Further objectives of the program involve discovering methods to facilitate interoperability between different blockchain systems and networks, and expanding the skilled workforce within the blockchain industry.

For years, organizations of all sizes, from emerging startups to large corporations like IBM, have been investigating the potential of blockchain technology to establish more transparent and integrated supply chains. However, the recent COVID-19 pandemic has underscored the importance of this effort by revealing weaknesses in global logistics and supply chain networks.

Peter Ong, Chairman of Enterprise Singapore, commented in a statement, “The COVID-19 situation has highlighted the necessity for dependable and trustworthy business systems in today’s digital landscape. Blockchain technology plays a role in establishing trust in a variety of applications, including logistics and supply chains, trade finance, and digital identities and credentials.”

The Singaporean government is actively seeking to establish itself as a supportive partner for blockchain developers and businesses, aiming to become a leading “crypto hub” with a more receptive stance towards the technology compared to other nations. Other government-led blockchain endeavors include Project Ubin, an initiative of the Monetary Authority of Singapore. Launched in 2016, Project Ubin announced in July that its multi-currency payment network had demonstrated its viability for commercial use following trials involving over 40 companies.