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Singapore launches the first blockchain challenge to boost innovation

Singapore launches the first blockchain challenge to boost innovation

To boost innovation and adoption of blockchain technology
beyond fintech, Singapore’s Infocomm Media Development Authority (IMDA) launched
its very first Blockchain Challenge.

“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,” said Mr Philip Heah, Senior Director (Sectoral
Transformation) at IMDA.

According
to IMDA’s press release, blockchain as a form of distributed ledger technology
has the potential to accelerate Singapore’s transformation into a digital economy.

Blockchain technology is expected
to grow quickly, with a potential compound annual growth rate of up to about
79% from 2017 to 2022. While blockchain technologies are mostly centred in the
fintech space, the technology has room to be applied across other sectors as
well.

Through blockchain, companies from food suppliers to
entertainment and media companies can lower costs, expand connections, and overhaul
their business models. The technology can also be applied to manage records for
healthcare or property.

As such, IMDA’s Blockchain Challenge seeks to accelerate the
development of such solutions, and identify possible use cases with greater
commercial development.

As the strategic partner for this Challenge, SGInnovate will
be providing IMDA with access to its blockchain community networks. These
networks represent potential partners and participants for the Challenge, where
they may collectively drive exploratory solutions.

Participants are invited to choose from 2 project categories
to pitch a potential solution: (1) Enterprise or (2) Transformation.

The Enterprise category seeks projects that have the
potential to improve operational efficiency, e.g. process enhancement,
automation of manual tasks, reduction of reconciliation tasks.

The Transformation category seeks projects that have the
potential to enable business model innovation, or have implications in how
businesses, Government and society interact, and are associated with
institutional change.

Shortlisted projects must then work on a Minimum Viable
Product (MVP) or Proof-of-Concept (POC), with successful projects receiving
prizes of S$50,000 for Enterprise or S$100,000 for Transformation.

Interested applicants may apply online. The first round
of proposals will close on 28 May 2018.

Separate to the challenge, IMDA is also keen to
work with (a) companies interested in trialling blockchain or distributed
ledger technology within their environment for further use case identification
and sector identification; (b) blockchain or distributed ledger technology
companies who wish to work with IMDA. Such companies may reach out to IMDA.

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