The Use of Blockchain Technology in Singapore
While commentators may say that cryptocurrencies are volatile and unreliable. There’s very little that commentators can say about the brilliance of blockchain technology. The blockchain technology is expecting to be the greatest invention on the scene since the internet itself. For those who don’t understand what the term means, blockchain is essentially a digital ledger that has the capacity to permanently record and save the details of a digital transaction without any risk of it being altering. Besides that, considering the above-stated feature of the blockchain technology. We’re not really surprised that the Singapore Central Bank has looked to blockchain to modernise and improve their banking operations. Learn more about how blockchain has been using by several entities in Singapore.
Project Ubin (Monetary Authority of Singapore)
MAS took a big leap forward as partnered with R3, a leading company that is centre on the blockchain technology. MAS adopted the technology to facilitate clean transactions between leading banks using the blockchain technology. This adoption of blockchain technology is a remarkable endorsement of the technology by a major national body. This is further proof of Singapore’s continual support for leading technology through its tech-friendly policies.
During its announcement of its adoption of the blockchain technology MAS stated: “The project will develop a system in which blockchain infrastructure is using to issue and transfer funds among participants.” The key reason for its adoption of blockchain technology is that blockchain lends extreme transparency and safety in transactions and it radically reduces the costs along the way. The best part about Singapore’s willingness to try out blockchain technology on such a level is that it thinks of the move as an experiment to understand the possibilities of blockchain in Singapore. The positive news for those who support the popularisation of blockchain is that this endorsement comes after a similar one by South Africa previously.
Blockchain Challenge (Infocomm Media Development Authority)
In what is another tremendous positive for blockchain technology on a whole, Infocomm Media Development Authority launched a blockchain challenge. The primary motive of the challenge is to propel the implementation of the technology beyond fintech. Dr Philip Heah, Senior Director at IMDA was enthusiastic about the possibilities that lie ahead when he said “To ensure every business is a digital business, Singapore’s digital economy requires technologies which can accelerate sector transformation. Through the IMDA blockchain challenge, we will drive awareness and spur development and adoption of this promising technology throughout our economy, including non-fintech segments”. The underlying aim of the challenge is to popularise the use of technology and find other possible uses for technology.
How does the challenging work? Those accepting the challenge must do so as a response to any one of two categories: Enterprise, or Transformation. The Enterprise category of the challenge concerns itself with finding solutions to ease up the operations that are generally complicated. For instance, if the blockchain technology is successfully automating a manual task, it’s leading to operational efficiency. On the other hand, the Transformation category is more concerned with transforming an existing framework by the virtue of true innovation, which can lead to structural changes in the right direction.
Data Security (Bluezelle)
Large organisations have large sums of important data that they must protect at all costs. These certainly take the ‘at all costs’ bit too literally as they tend to have humungous sums of money for the purpose of data security. That being said, the need to protect their all-important data is legitimate as the costs of losing large sums of data are substantial, and these costs are on the rise. The problem with the approach that these companies take is the fact that these budgets are overboard and are potentially misdirected. Bluezelle – a startup to look forward to – plans to bring in the necessary corrections with the integration of blockchain technology.
Pavel Bains, Bluezelle’s CEO laid out his concerns when he said “We saw a data problem happening in that more and more apps are collecting data, more and more stuff is being transferred between everybody, and the current internet really isn’t built to handle all that.” The principal objection to the current system is that a centralised cloud storage system isn’t secure enough for users to store their information and that blockchain technology can be used instead as a replacement. Bluezelle has come up with a blockchain-backed decentralised system as a replacement. The data would remain more secure if it’s distributing across several nodes as opposed to the centralise approach. Given blockchain’s rising popularity is on the basis of its reliability and unalterable nature; it makes perfect sense to proceed with the scheme.
Blockchain Workshop (National University of Singapore)
Another testament to Singapore’s support for technology and innovation in the shape of blockchain is its partnership with a giant: IBM. The National University of Singapore or NUS strives to create a curriculum that’s centre on the blockchain technology. This isn’t the first time NUS is in the spotlight on the basis of its support for blockchain in the name of innovation.
The university is also known for its support of the blockchain-centred startup – Zilliqa. The startup (and its founders) is best known for its scalable blockchain platform that was created around sharding. This process is developing by the in-house researchers at the National University of Singapore. Sharding is a process that has proven to be successful means to improve the efficiency of cryptocurrency mining in terms of energy utilised. As you might be aware, mining is an extremely energy inventive activity and sharding aims to reduce that energy consumed.
It’s extremely encouraging that quality researchers are investing their energies in the realm of blockchain technology. This is an advantage only exclusive to entities and researchers in Singapore. Considering the Singapore government is extremely supportive of innovation and technological advancement. Such an endorsement is also a statement on the global level that certain domestic ecosystems are not shying away from the uncharted world of blockchain technology.
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