• Singapore plans to launch a Blockchain challenge.
• Each successful challenge would be rewarded with funding.

Singapore: The government of Singapore has declared in an announcement on Thursday, March 29 that it would launch a bitcoin challenge, and would reward every successful blockchain challenge with funding.

The Singapore’s Infocomm Media Development Authority (IMDA) stated in the announcement that the blockchain challenge is part of a broader goal of the Singapore’s digital transformation, and added that the challenge is targeted at improving blockchain innovation.

IMDA stated in the fact sheet for the challenge that it is aiming two groups of blockchain applications, in particular, these are the “enterprise” and “transformation.”

IMDA further express that it mainly seeks distributed ledge technology (DLT) that can either restructure how business processes are carried out or that would broadly change social interactions within public services. The agency stated that shortlisted participants of the challenge would have a six-month period to create either a proof-of-concept or a minimum viable product. Any successful project for the enterprise section will be rewarded with S$50,000 (US$38,000), while successful project for the transformation category will be rewarded with S$100,000 (US$76,000).

The senior director of sectoral transformation at the IMDA, Philip Heah, said:

“To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation. Through the IMDA Blockchain Challenge, we will drive awareness and spur development and adoption of this promising technology throughout our economy, including non-fintech segments.”

Aside from the challenge, Singapore is also seeking either a better and working partnership with blockchain startups that concentrate on identification-related solutions or any general project that wish to work with IMDA on blockchain development.

This blockchain challenge came in at a time when Singapore’s government has been continually voicing support for moves toward Blockchain technology adoption.

According to a previous report, the city-state’s de facto central bank, which is the Monetary Authority of Singapore, is presently working in partnership with the Bank of Canada on a project tagged “Project Ubin” – a cross-border remittance solution backed by blockchain technology.