The Infocomm Media Development Authority (IMDA) frames seed funding to develop blockchain platforms. These blockchain platforms connect special interest groups, solution providers and other related services providers.
This blockchain platform incorporates guide for enterprises that adopt blockchain. The guide includes a directory listing, Singapore blockchain community that allows concerned companies to communicate with other parties. Finally, the blockchain platform should connect with other blockchain communities like those in China and Silicon Valley.
On Thursday, the press releases about blockchain’s nascent state and lack of large-scale successful cases. That it is outside the Fintech sector has hampered mainstream adoption. The end user companies have business models that guide on working together using blockchain. Moreover, the press release states,
This has resulted in the industry showing signs of siloed. Specialized blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users.
IMDA handles various Blockchain Challenges
There is another Blockchain Challenge that IMDA launches. This Blockchain Challenge invites proposals that offer solutions to the business challenges, using distributed ledger technology. These proposals need to have one or more collaboration partners so that it generates a working plot prototype.
In the case of second blockchain challenges, invites are sent to businesses to submit proposals on how to innovate operational efficiency or business model for Wireless@SG programme. The proposals aim at IMDA as the programme owner or any of the Wireless@SG operators participating in this initiative – M1, MyRepublic and Singtel.