Singapore’s Infocomm Media Development Authority (IMDA) introduced its very first Blockchain challenge to improve modernization and acceptance of blockchain technology beyond fintech.
The rapid development and spread of Blockchain technology have been significantly transforming the crypto world. Blockchain technology is a form of distributed ledger technology could fundamentally change the financial sector, making it more efficient, resilient and reliable.
Additionally, it is in use to solve the issue of trust in digital asset transactions without a need for a central administrator.
Esticast Research and consulting reports that $216.1 million was valued in 2016. However by global blockchain market and is expecting to achieve $9.6 billion in the upcoming years.
According to the press release published on March 29, Infocomm Media Development Authority (IMDA) of Singapore. It has launched a “Blockchain challenge”, in order to advance Blockchain innovation and adoption in business.
The main aim of the Blockchain challenge is to promote awareness and adoption of the technology. Further, it also intends to boost firms to explore business model innovation and revolution arising from the technology.
Participants are invite to produce Minimum Viable Products (MVPs) or Proofs-of-concept. It is to one of two categories- “Enterprise” for a project for that have the potential to enhance “operational efficiency”. Else, “ Transformation” for projects that have the potential to enable business model innovation and institutional change.
The first challenging round will end in the month of May 28, 2018. Individuals who are willing to participate can apply online at https://www.imda.gov.sg/blockchain-challenge.
The participants in the final list will have to develop either a viable product or proof of concept within 6 months. And the successful project will get reward either $50,000 in the Enterprise category or $100,000 in the Transformation category.
The IMDA has aligned with one of the tech investment and research firm called SGInnovate in order to deliver entrance to “potential partners and [Challenge] participants” access to its blockchain systems.
There are significant untapped opportunities for organizations with revolutionary blockchain solutions. However in non-fintech including food supply chain or records for healthcare or property. Blockchain Challenge of IMDA seeks to hasten the advancement of such solutions. And recognize achievable use cases with superior business development.