SINGAPORE – The Infocomm Media Development Authority (IMDA) today launched a Blockchain Challenge to accelerate the development and adoption of innovative new solutions using blockchain technologies beyond fintech.
Blockchain is a form of distributed ledger technology, with the potential to accelerate Singapore’s transformation into a Digital Economy. Through blockchain, companies from food suppliers to entertainment and media companies can lower costs, expand connections, and overhaul their business models.
Blockchain technology is expected to grow quickly, with a potential compound annual growth rate of up to about 79% from 2017 – 2022.
As most commercial blockchain solutions are currently in the fintech space, there are significant untapped opportunities for companies with pioneering blockchain solutions in non-fintech such as the food supply chain, or records for healthcare or property. IMDA’s Blockchain Challenge seeks to accelerate the development of such solutions, and identify possible use cases with greater commercial development.