Singapore emerging as global centre of blockchain expertise

What are the key recent developments in blockchain technology in Singapore?

Following the establishment of a government-backed blockchain accelerator, there are growing signs that Singapore is beginning to position itself as a global centre of expertise in the technology.  So, what are the key recent developments in blockchain technology in Singapore?  What are the current strengths and weaknesses of the sector? And how best can IT professionals contribute to the ongoing growth of blockchain technology in the country?

Tribe accelerator

One of the most interesting recent initiatives is Tribe Accelerator, the first Singapore Government supported Blockchain Accelerator, which seeks to explore the value in blockchain through real world use cases. The overarching aim of the Accelerator is to develop a curated, collaborative blockchain ecosystem, consisting of four main stakeholders - government agencies, global corporations, top blockchain companies and start-ups.

"Through Tribe Accelerator as a neutral platform, we aim to work closely with the ecosystem to output meaningful use cases through collaboration, and ultimately drive mass adoption of this technology," says Yi Ming Ng, Managing Partner at Tribe Accelerator.

"We have seen very encouraging results thus far, with companies who would otherwise have been competitors coming onboard as partners to co-innovate and to grow the pie together rather than fight for it," he adds.

Conducive environment

Although he admits that, as a ‘tiny city', Singapore is naturally limited ‘in areas like the talent pool and ideas', Ng is keen to stress that this is consistently addressed by its approach of being a ‘welcoming metropolis for global innovation' - and reveals that local government regulators are ‘actively looking into creating a conducive environment to develop blockchain technology and have been partnering global leaders to position Singapore as a blockchain hub'.

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