The Singapore government announced the competition for blockchain projects

The Singapore government announced the competition for blockchain projects

The government of Singapore is launching a competition focused on blockchain projects, and the winners will receive cash prizes.

Singapore’s Agency for media development (IMDA) said that the challenge is to accelerate the pace of digital transformation in the city-state through the use of blockchain innovation.

Contestants will present their work in two categories: “enterprise” and “transformation”.

Therefore, the Agency wants to focus on technologies that simplify business operations, or on those that will have a positive impact on social interaction, for example, in the field of public services.

IMDA said that the members who fall into the short list for six months will have to develop a MVP, or to prove a concept. The winning projects will receive a 50,000 Singapore dollars (38.000 US dollars) in enterprise or 100,000 Singapore dollars (76.000 USD) in the transformation category.

Phillip hay, senior Director, sectoral transformations in IMDA, commented on this project:

We want every business in our country in the end turned into digital, this requires technologies that can accelerate transformation of the sector. Due to the competition from IMDA we intend to stimulate the development and implementation of this promising technology in our economy, including segments that are not related to FINTECH.

In addition, IMDA calls for greater cooperation in the blockchain industry, focusing primarily on decisions related to identification.

Recall that Singapore has repeatedly expressed support for the blockchain technology and the monetary authority of Singapore, the de facto Central Bank of the city-state, is already working on a solution in the field of international transfers on the blockchain together with the Bank of Canada.

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