The Info-communications Media Development Authority (IMDA) of Singapore officially announced that a new round of funding will be provided for companies to develop a new blockchain platform.

The winning project will be chosen between participants who present development for a new blockchain-based platform. The latter is to be comprehensive and able to connect users within Singapore and internationally; it should include guides for the adoption of the tech, a listing of the community, etc.

This is the most recent in a series of efforts from the government, which has been continuously encouraging the development of blockchain technology and its adoption on all levels.

The IMDA shared the opinion that currently there is a lack of business models and know-how which prevents end-user companies from implementing blockchain solutions. They mainly choose to work with internal, custom developments which stop the adoption of interoperable systems that allow connection on a multinational level.

The IMDA’s decision for a second round of ‘blockchain challenges’ comes after the successful completion of the first one, when seven projects secured funding to continue their further development. Singapore has been proactively working towards establishing the country as the next blockchain and cryptocurrency hub. The national authorities are launching such initiatives to help connect blockchain startups and entrepreneurs with representatives of other industries and implement their innovative technologies to tackle present issues. Furthermore, earlier this year, the IMDA offered help to startups with finding suitable banking services for their needs.

Participants in the second round are required to provide a working MVP or POC solution, solving industry challenges. The projects should improve or provide innovative ideas on the basis of IMDA’s Wireless@SG software. Submissions for the competition are due by 31st January 2019.

Blockchain Singapore Exchange Blockchain Development IMDA

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