Why Blockchain Development in Singapore is Emerging?

Blockchain technology, the foundation for most cryptocurrencies is now being implemented in every industry. Companies ranging from public records to real estate, airline and cloud storage are adopting the blockchain to bring transparency and security to the ecosystem.

While countries including Canada and Australia are leveraging the blockchain technology, Singapore is also moving ahead as one of the leading blockchain development countries in the world.

Consulting firm PWC says that 82% of executives in Singapore noted that blockchain initiatives are underway in their companies. And 13% have already brought the initiatives live to the market.

So, let’s understand the key initiatives that have taken around blockchain development in Singapore.

Singapore’s GeTS launches World’s First Cross-Border Blockchain For Trade, linking ASEAN and China’s Digital Silk Road

Singapore-based, Global eTrade Services (GeTS), a subsidiary of CrimsonLogic, is a leading eGovernment products and services provider.

GeTS has launched Open Trade Blockchain (OTB), which is an extensible blockchain service. It is built for trade communities that can make global trade highly efficient, secure and transparent.

OTB is the region’s first cross-border blockchain platform that aligns with China’s Belt Road Initiative (BRI) and Southern Transport Corridor. A permissioned blockchain network, OTB is hosted by whitelisted accredited trade compliance companies.

The OTB is built to improve the security of documents associated with the trade like certificates and commercial invoices. Also, it maintains the transparency and trust between shippers, customers and freight-forwarders.

Any user, whether they are digital-savvy or not can use the platform as it contains an intuitive and user-friendly interface. OTB is created using an Easy-to-Consumer service layer that provides drag-and-drop simplicity to secure trade documents between businesses.

Integrated web service APIs allow partners to scale OTB with their own legacy systems.

With the launch of Open Trade Blockchain, the GeTS has set a new eminence for global trade while meeting the high demands for compliant and secure trade regionally as well as globally.

Let’s explore a few sectors in Singapore, reaping the advantages of the adoption of blockchain technology.

Airline Industry

Among the Southeast Asian countries, Singapore is considered to be the first country that has started leveraging the potential of the blockchain in the airline industry.

Blockchain technology allows every stakeholder involved in air travel like airline crew, staff, ground services crew and passengers to access up-to-date and verified details regarding departures, arrivals and delays.

Krishflyer, Singaporean Airlines, has transformed its payment and loyalty programme using the blockchain for its digital wallet.

Education

Another sector that blockchain technology has benefited is education. Blockchain applications can enable employers and universities to verify the student’s or employee’s qualifications quickly and transparently using smart contracts.

Blockchain technology provides students to access the content and suggested courses based on previous qualification and grades.

A public institution for higher learning in Singapore named Ngee Ann Polytechnic (NP), founded in 1963 is also interested in leveraging the blockchain technology in its educational mission.

It is the first educational institute in Singapore that uses the blockchain to check the authenticity of the NP’s diploma.

At the time of joining any company, employers can ask for student’s Blockchain ID to retrieve their immutable academic records and education history recorded to the blockchain.

National University Singapore (NUS) provides classes on blockchain technologies to their students and has partnered with IBM to get curriculum around the distributed ledger technologies.

Government/ Public Sector

From taxation to welfare payments, voting and health record management, worldwide governments are using the Blockchain in their administration to enhance various operations. Singapore will sooner be following the steps of a few companies like Georgia or Estonia.

Public Service Division of Singapore has declared that the Singapore government could adopt the blockchain technology to do the following things:

  1. Verify vendor’s track records on Gebiz, Singapore Government’s one-stop e-procurement portal
  2. Track public officer’s career moves
  3. Enhance or even replace the auditing process

The customs authority in Singapore has launched a national trade platform (NTP) using blockchain technology. It has been expected that this platform will be used to connect businesses, community systems, platforms and government systems.

The blockchain based trading platform will replace the existing TradeNet and TradeXchange platforms that are used for trading and logistics.

Another project that’s in its second phase is Project Ubin, launched by the Monetary Authority of Singapore (MAS) in conjunction with various financial institutions and technology partners.

Using distributed ledger technology, the project has tested interbank payments and now being used to evaluate the implications of using tokens as a virtual Singapore dollar.

If blockchain based payments become successful, then it could lead to quick settlements in financial services, especially for trade across borders.

Real Estate

Moving to a different house is a tedious task as many admins are involved in it. But in Singapore, property startup leverages the Blockchain technology that eliminates the admin required for renting or selling a property.

Averspace is the first real estate portal in Singapore, based on the blockchain platform, used to list properties for sale or rent.

The transactions are conducted using digitized contracts secured by the blockchain. The platform makes it easy for homeowners and tenants to sign the digital tenancy agreement without paying commission fees.

Food Industry

The statistics provided by the WHO (World Health Organization) says that every year, almost 1 in 10 people fall ill by consuming contaminated food.

Implementing the Blockchain technology to the food industry can give suppliers and consumers more authenticated information about food products like where it has been originated and more.

Intellectual Property Intermediary (IPI) in Singapore, established under Singapore’s Ministry of Trade and Industry, has been working on the blockchain food project.

The platform will be used to track and trace the materials’ and products’ information gathered from all the participants involved in the food production chain.

The blockchain solution ensures cutting-edge data structure management and data storage standards that maintain food quality, safety and reduces food waste.

Healthcare

SGInnovate is the deep technology firm, owned by the Singapore’s government has invested in MediLOT Technologies, a blockchain and healthcare analytics startup in Singapore.

It uses a dual blockchain having a unique layered architecture incorporated with Artificial Intelligence and data analytics capabilities on top of its control and data layers. It enables machine learning APIs and complex applications to be built on top of MediLOT platform.

MediLOT Technologies skilled team has the vision to develop an interoperable decentralized platform, which can be used by the healthcare industry.

Healthcare can use the platform to gather information from healthcare records and provide patients with effective treatments and better diagnosis.

In the pharmaceutical sector, the company like BlockVerify is working to track the medical products in the supply chains and ensure that patients receive the right drugs.

Energy

In Singapore, another sector that blockchain has benefited is Energy. Start-up established in 2017 named Electrify is set to bring revolution in the energy sector.

Julius Tab and Martin Lim, the founders of the start-up, wanted to introduce Blockchain technology to change the way the people purchase electricity.

Using the web and mobile platforms, the consumers can buy electricity from retailers through smart contracts.

The consumers would be more informed about their choices as Electrify’s proprietary engine shows the best electricity offers. On the platform, the lower electricity prices, zero carbon energy and energy-efficient offers are mentioned, allowing people to choose based on their needs.

Supply chain

Supply chain based on blockchain technology enables the digital tracking of goods information such as origination data, storage temperatures, batch numbers and shipping details.

Compared to recent technology like RFID tagging, the blockchain could be an excellent opportunity for any industry that wants to enhance traceability and visibility across their business supply chain.

One of the Singapore-based startups, DLT Ledgers, has built the blockchain software for the supply chain industry. Also, the company is awarded by CXO Honour with Best Blockchain App for Supply chain award.

DLT Ledgers assures to provide end-to-end traceability records in an immutable and secure way. Also, it helps to combat products fraud with advanced mathematical algorithms.

Financial services

The blockchain technology is used in domestic payments, international remittances, securities trading and more. In Singapore, Info-communications Media Development Authority along with the several banks have come together to develop a prototype that called as KYC Blockchain.

The blockchain would help various financial institutes and banks to verify their customer’s identities and details in an efficient and transparemt6 way.

Blockchain Incubator Programme Launched in Singapore

Some of the blockchain based projects like a digital market place to trade renewable energy certificates, crypto-currency wallet that works with smart contracts and online protocol that uses biometrics to authenticate identities are being selected for the incubator programme launched in Singapore.

LongHash Hatch is a 12-week programme that aims to transform five blockchain products into MVP to test in the market. LongHash is an International blockchain incubator that has offices in several countries like Singapore, Tokyo, Hong Kong and many more. Moreover, Enterprise Singapore has supported the LongHash Programme.

As per the media release, a few factors on which the five projects were selected for the inaugural batch were business model team’s background, their industry experience, technical expertise and on market reviews.

Also, these projects would receive support in a few areas like fundraising, marketing, branding and administration.

We shall now discuss what are the Blockchain Certification Training Courses available in Singapore.

Basic Blockchain and Bitcoin Course

IT personnel and cryptocurrencies enthusiasts can join the course and understand the technology basics that makes Bitcoin work. Learners can discover what makes the Bitcoin different and learn the fundamental concepts of the blockchain. Also, participants can learn two-main consensus mechanism of the blockchain technology.

Course fee: $300

Blockchain: Embarking on the Journey

A single day course offered by the Singapore Management University (SMU) can help professionals to gain an understanding of the blockchain technology and its applications in the world of business.

The course allows students to become familiar with several use cases on the adoption of the blockchain technology. Also, learners can learn how to design a blockchain solution for the business.

Course fee: $856 per participant

Fintech – A practical introduction

It is a one day course provided by the SMU. The Blockchain experts conduct the class and offer insights into the fintech revolution and disruption.

Participants can learn and understand the Fintech landscape, its regulations, ecosystem and landscape.

Temasek Polytechnic – A Beginner’s Introduction to Blockchain Technology with Ethereum & Solidity Smart Contracts

Temasek Polytechnic course can provide participants with the hands-on training on blockchain development.

The introductory training involves the set-up of Ethereum Node, write and execute the first smart contracts as dApp on the web browser.

Software Developers in financial services can join the course and learn how to run ethereum node and build smart contracts.

Course Fees: $481.50

Certificate: Accomplishment Certificate for those Participants who have atleast 75% of the course attendance.

Introduction to Blockchain & DLT for Executives

Another, one day course provided by the NUS Institute of System Science (NUS-ISS), gives executives in-depth knowledge of the DLT.

Executives can do better business decision-making in the adoption of the blockchain and DLT. The course is a part of the Software Engineering and Design Series.

Course Fee: $288.90

Certification: The ISS Certificate of Completion will be given to students who have attended at least 75% of the course.

Singapore Polytechnic – Fintech Talent Programme

The course aims to equip FinTech professionals having the essential skillsets for the industry. Participants can gather knowledge from leaders to create and pitch a corporate innovation start-up through the capstone project.

Course fee: $3200

Certification: Performance Certificate

Certified Blockchain Specialist – CBS Course

CBS Course can help students to learn basic knowledge of bitcoin and cryptocurrencies that are used as an electronic payment system. Students can learn the key concepts of blockchain technology like Hash functions, Smart Contracts, DLT, Proof of Stakes, Proof of Work and more.

Course fee: S$ 3,650.00

Exam fee: S$ 150.00

Why should you choose LeewayHertz as your Blockchain development partner?

While exploring many innovative projects developed by the technology experts in Singapore, it is believed that the country can become the powerful leader in the blockchain in forthcoming years.

With having years of experience, we at LeewayHertz can help our clients to provide with the best blockchain development services by understanding their business needs and expectations.

LeewayHertz team determines how technology can enhance the client’s business operations and create an implementation strategy to provide customized blockchain solution.

Our expert team has in-depth knowledge of the Blockchain technology and have worked on several Blockchain platforms including Hedera Hashgraph, Hyperledger, EOS and Hyperledger.

Author’s Bio

Akash Takyar
Akash Takyar
CEO LeewayHertz
Akash Takyar is the author of Blockchain Technology and Business book. He is the co-founder of LeewayHertz and is a consultant to fortune 500 companies including Siemens, 3M, Hershey’s and others. He has a Masters Degree in Computer Science. Akash’s experience of building over 100+ apps allows him to rapidly architect and design solutions. His ability to explain complex technologies in simple and practical ways has resulted in him becoming a popular speaker at colleges, universities, and conferences.

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