Singapore is fast becoming the home of
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.
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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.
Partners with Perlin Blockchain for CoFT
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
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
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.
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
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.