SUSS, ESG platform to trial blockchain solutions for trade and connectivity

THE Singapore University of Social Sciences (SUSS) and Enterprise Singapore (ESG) on Monday launched a digital platform to innovate and test blockchain solutions for supply chains and trade.

The Blockchain for Trade & Connectivity (BTC) Network is a unifying platform that will allow blockchain and other technologies to work together. This is expected to reduce barriers to trade while advancing the trade and connectivity sector towards a secure and effective digital future.

Supported by the National Research Foundation, the initiative will focus on enhancing interoperability between blockchains, by integrating mesh networks that will streamline connectivity between existing systems or platforms. It will offer a test bed for blockchain solutions with global supply chain companies, digital trading platforms and technology specialists.

ESG assistant chief executive Satvinder Singh said that Singapore will need to assure reliable supply chains and trusted connectivity to the world in order to maintain its status as a trade and connectivity hub. "Through the BTC Network, we can connect enterprises with institutes of higher learning to co-create or adopt digital solutions that will promote greater efficiency and transparency across global supply chains," he said.

The initiative includes plans to develop a risk assessment framework for small and medium-sized enterprises, to assess how blockchain can be used to meet their business needs and help them understand its potential.

SUSS and ESG also signed a memorandum of understanding with six commercial partners to create, trial and lead the BTC Network's implementation.

A NEWSLETTER FOR YOU

Friday, 8.30 am

SGSME

Get updates on Singapore's SME community, along with profiles, news and tips.

Sign Up

In addition, SUSS will work with academics and industry practitioners to curate courses and programmes to equip the local workforce with digital skills and knowledge.

Said SUSS provost Tsui Kai Chong: "The BTC Network is one of SUSS's endeavours in harnessing transformative technologies to serve society's changing needs and contribute to building an inclusive and resilient society for social good. We are excited that the resulting programmes and courses will better equip our students and adult learners with future-ready digital capabilities."