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