Reading Time
~ 2 minutes
Spread the Word

The Singapore government releases a contest that will end with awarding the best project based on blockchain technology. Also, once nominated, the project will receive funding from the authorities.

The announcement was published on 29th March 2018 by Singapore’s Info-communications Media Development Authority (IMDA). The project aims to develop the blockchain technology as an important component of digital innovation in Singapore.

Projects are classified into two categories: enterprise and transformation

According to the official announcement of the competition, the projects concerned are classified into two classes: “enterprise” and “transformation“. The bureau describes the need for a startup that will be able to implement new applications in order to improve the Singapore’s social sector, especially within public services.

The IMDA has confirmed that everyone who attends the challenge has only six months to create and present its own product. Once the period has ended, the developers have the right to submit layouts if they haven’t fully completed the application. According to IMDA, the winners will be rewarded with S $ 50,000 ($ 38,000 US) for the “enterprise” category and S $ 100,000 ($ 76,000) for the “transformation” category.

The Senior Director of Sectoral Transformation at the IMDA Philip Heah explained that:

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.”

The IMDA is looking for collaboration with blockchain- based startups

In addition, the Singapore Info-communications Media Development Authority (IMDA) is looking for collaborations with blockchain-based startups, who are interested in launching new applications and solutions to support the development of this technology.

Singapore has repeatedly expressed its support for new digital projects, and we can say that the new challenge was launched at an appropriate and beneficial moment for technological development.

According to several media reports, the Monetary Authority of Singapore and Central Bank of Singapore are in the process of designing a “cross-border remittance solution.” The project is entitled “Project Ubin” and is carried out in collaboration with the Bank of Canada.

Any developer interested in this challenge can submit its request online by 28th May 2018. See more details on Blockchain Challenge.

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.