The Singapore government is launching a blockchain challenge, where winning projects can be rewarded handsomely.
According to an announcement issued by Singapore’s Infocomm Media Development Authority (IMDA), the challenge aims to promote innovation in blockchain technology as part of the Singapore government’s digital transformation goals.
According to the rules of this challenge, the Singapore Infocomm Media Development Authority has set up two types of blockchain applications, namely "enterprise blockchain applications" and "transformation blockchain applications". They further explained that the two broad categories are set to better seek distributed ledger technology that can simplify business operations and in turn bring innovation to industries such as public services.
The Infocomm Media Development Authority of Singapore said projects shortlisted for the challenge have six months to develop a minimum viable product (MVP) or proof of concept. Winning enterprise blockchain applications may win SGD 50,000 (approximately $38,000), while blockchain applications in transformation can win up to SGD 100,000 (approximately $76,000).
Philip Heah, Senior Director, Industry Transformation, Infocomm Media Development Authority of Singapore, commented:
“To ensure that every business is a digital business, Singapore’s digital economy needs a technology that can accelerate the transformation of the industry. Through the Blockchain Challenge organised by the Singapore Infocomm Media Development Authority, we will promote the adoption of blockchain technology across the economy. Applications in development, including non-financial industries.”
In addition, the Infocomm Media Development Authority of Singapore also called on blockchain startups to engage in broader industry cooperation.