Singapore is fast becoming the home of blockchain in Asia following further additions to its ever-growing usage of the technology behind cryptocurrencies.
From VeChain to universities in the country issuing blockchain-based degree certificates, Singapore and its passion for blockchain technology are pushing the continent and the world into more modern ways of bureaucracy and efficiency.
Here are some recent examples of the Singaporean push for blockchain.
Pacific International joins Singapore Blockchain Platform
Recently, a Singapore-based company, Global eTrade Services (GeTS), announced that a leading shipping company, Pacific International Lines (PIL), has joined their digital logistics platform. This platform, CALISTA, organizes global supply chains digitally with part of the system using blockchain.
Along with analytics and tracking, CALISTA uses GeTS’ blockchain. The Open Trade Blockchain (OTB), is used to provide verifiably genuine documents which can be shared nearly instantly. OTB, which was released last year, aims to prevent shipping fraud, thus creating trust between freight companies.
ICC Partners with Perlin Blockchain for CoFT
Singapore’s blockchain journey was propelled further when the International Chamber of Commerce (ICC) unveiled the ICC Blockchain/DLT Alliance six weeks ago. The initiative aims to support supply chains and cross border trade finance for its 45 million members.
In the latest developments, their blockchain partner, Perlin Network, announced that Perlin and the ICC would establish the Centre of Future Trade (CoFT) in Singapore to help companies to digitize trade.
According to reports, the CoFT will:
“Help companies transition from existing paper-based systems to digital blockchain-based platforms,” as they “are significantly cheaper, faster, more secure and efficient.”
The initiative is also partnering with a government agency, Enterprise Singapore, which plans to work with the ICC and Perlin to target major commodity players. Notably, this is not the first blockchain partnership Enterprise Singapore has made.
In the past, Enterprise Singapore teamed up with blockchain accelerator program dubbed Tribe Accelerator. The project hopes to enthuse startups to target real-world impact and applicability of blockchain-based solutions. Additionally, the project offers a platform where government agencies can collaborate with blockchain startups.
Singapore Finding More usage for Blockchain
According to reports, Singapore wants to use blockchain technology to lower settlement and clearing costs, which get as high as $20 billion annually. The Monetary Authority of Singapore (MAS) has already identified blockchain’s potential impact on the financial industry. Therefore, it has launched the Ubin project, which will work towards creating solutions for payments, settlement and securities clearing.
Power companies are also utilizing blockchain technology. For instance, the Singapore Power Group (SPG) rolled out a blockchain-based market that handles renewable energy certificates (RECs). The project will allow Singapore-based commercial entities to acquire RECs, and this will encourage the production of renewable energy. The blockchain technology will allow companies to efficiently, securely and seamlessly trade renewable energy certificates.
It is clear that Singapore is one of the surprisingly few countries that are adopting blockchain technology. What has made the nation to stand out is the government’s willingness to accept the technology and utilize it. Let’s hope that Singapore drags the continent forward and illustrates the fantastic usage of blockchain.