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Singapore, a small island nation covering a population of only 5.8 million people, became an international fintech hub and is also moving ahead as one of the leading blockchain development countries in the world.
According to Genesis Market Insights Report, Asia Pacific regions are leveraging the Blockchain widely. Another Report by Consulting firm PWC highlights that 82% of blockchain initiatives are underway, Out of it, 13% have brought the initiatives live to the market.
Without any doubt, Singapore is one of the countries giving much attention to blockchain technology and Blockchain Regulations around the world. As I mentioned in the Previous Blog, Singapore is commonly referred to as one of the world's Crypto-haven.
Therefore, the use and trading of bitcoin and various popular Cryptocurrency in Singapore is Legal
Regarding blockchain innovation, authorities in Singapore through its central bank and the Monetary Authority of Singapore (MAS) has launched several programs to apply this technology to their advantage.
Initially, the transaction validation of blockchain projects relied on Proof of Work(PoW). However, in Singapore, many of blockchain projects using the Proof of Stack method to validate the transactions in a blockchain.
Unlike Proof of Work, here in Proof of Stack method the transaction will be verified by a person depends on the number of coins that he/she holds.
Apart from Blockchain Regulation, Singapore is promised to become the Future Asian blockchain Hub. In recent years, Singapore is one of the potential marketplaces in the world giving its space to cryptocurrency-related business services to its users with a stable financial system and also having more than 400 fin-tech startups.
MAS has done a collaborative project called Project Ubin with industry partners using blockchain for the clearance and settlement of inter-banking payments and securities without revealing any transactional privacy.
After that, MAS had a Fintech partnership with its counterpart in Hong Kong. They planned together to work on a trade finance cross-border infrastructure based project on blockchain technology.
Open Trade Blockchain
Open Trade Blockchain (OTB) is an extensible blockchain service, launched by Singapore-based, Global eTrade Services (GeTS). The first cross-border blockchain platform aimed to align with China’s Belt Road Initiative that can make global trade highly efficient, secure and transparent.
The system was designed to avoid exporter’s email account being hacked and to avoid fraudulently change of documents like certificates of origin, commercial invoices, and shipping.
It is a collaborative project led by the Monetary Authority of Singapore (MAS) with industry partners for the clearance and settlement of inter-banking payments and securities by exploring the use of Distributed Ledger Technology.
The First trial between Singapore and Canada has successfully completed
Cross Border Payments with Central Bank Backed Digital Currency cheaper, faster, and safer.
Here the team has used a Hashed Time-Locked Contracts (HTLC) technique to connect the two networks, namely Project Jasper and Project Ubin without any third-party intervention.
OpenCerts is a Singapore government-linked blockchain project developed in cooperation with the OpenCerts Consortium. The objective of this project is to provide an easy way to access educational credentials and to verify student’s and employer’s certificates.
When the certificate is created, its data will be converted into a hash or a string of random letters and numbers then it is stored on popular decentralized blockchain Ethereum.
Blockchain in Education
By using Smart Contract, the educational sector could get benefits from the applications of blockchain. It provides control over the individuals to access the content, courses and to check qualifications quickly, securely and cheaply.
The Ngee Ann Polytechnic (NP), a public institution of higher learning in Singapore is using blockchain to verify the authenticity of the polytechnic’s diplomas - the first education institute in Singapore to do so.
Blockchain in Food Industry
The World Health Organisation (WHO) said that each year 600 million in the world - almost 1 in 10 people -, fall ill and die after taking contaminated food. so, by applying the blockchain to the food chain industry can provide information to consumers and suppliers about food products like where it has been and for how long. As a result, it improves food safety and reduces food contamination.
In Singapore, the Intellectual Property Intermediary (IPI), an organization established under Singapore’s Ministry of Trade and Industry, has also been working on a ‘Blockchain Technology for Food’ project.
Moreover, Nestle, Walmart, and Unilever are planning to use blockchain to help trace food contamination.
Blockchain in Health care
The blockchain has made its way to the healthcare industry also.
SGInnovate is a private organization solely owned by the Singapore Government has invested in MediLOT Technologies.
The vision to build healthcare in the decentralized platform is to extract patient’s records and to afford patients better diagnoses and more effective treatments.
Other following industries are,
and so on.
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Greetings! This is Dheivanai! My love for writing transformed me as a blogger and the Passion for Crypto industry turned me as a business advisor at bitdeal. Crazy towards digging deep and analyze the new trends in the Cryptocurrency and Blockchain Industry. Follow us to read interesting and existing blogs! Stay tuned, Stay updated!
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