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IMDA puts up seed funding to boost blockchain adoption by enterprises

IN a bid to grow the blockchain ecosystem in Singapore, the Infocomm Media Development Authority (IMDA) is putting up seed funding for industry players to develop platforms that connect blockchain special interest groups, solution providers and other related services providers.

The engagement platform must include guides for enterprises on blockchain adoption. It must also include a directory listing of the Singapore blockchain community, to allow interested companies to reach out to engage with other parties.

Lastly, the platform must connect with other global blockchain communities, such as those in China and Silicon Valley.

In a press statement, the IMDA said that blockchain’s nascent state and lack of large-scale successful cases outside the fintech sector has hampered mainstream adoption. End-user companies hence have a lack of established business models on how to work together using blockchain.

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“This has resulted in the industry showing signs of siloed, specialised blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users,” it said.

The IMDA is also launching another Blockchain Challenge, which invites proposals that offer solutions to business challenges using distributed ledger technology. Proposals need to have one or more collaboration partners to generate a working pilot prototype with.

For the second Blockchain Challenge, businesses are invited to submit proposals on how to innovate on either operational efficiency and/or business model for the Wireless@SG programme.

The proposals may target the IMDA as the programme owner, or any of the Wireless@SG operators participating in this initiative - M1, MyRepublic and Singtel.

Interested participants for both the engagement platform and the Blockchain Challenge may apply at www.imda.gov.sg/blockchain-challenge by noon on Jan 31.