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Singapore launches the first blockchain challenge to boost innovation

Singapore launches the first blockchain challenge to boost innovation

To boost innovation and adoption of blockchain technology
beyond fintech, Singapore’s Infocomm Media Development Authority (IMDA) launched
its very first Blockchain Challenge.

“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,” said Mr Philip Heah, Senior Director (Sectoral
Transformation) at IMDA.

According
to IMDA’s press release, blockchain as a form of distributed ledger technology
has the potential to accelerate Singapore’s transformation into a digital economy.

Blockchain technology is expected
to grow quickly, with a potential compound annual growth rate of up to about
79% from 2017 to 2022. While blockchain technologies are mostly centred in the
fintech space, the technology has room to be applied across other sectors as
well.

Through blockchain, companies from food suppliers to
entertainment and media companies can lower costs, expand connections, and overhaul
their business models. The technology can also be applied to manage records for
healthcare or property.

As such, IMDA’s Blockchain Challenge seeks to accelerate the
development of such solutions, and identify possible use cases with greater
commercial development.

As the strategic partner for this Challenge, SGInnovate will
be providing IMDA with access to its blockchain community networks. These
networks represent potential partners and participants for the Challenge, where
they may collectively drive exploratory solutions.

Participants are invited to choose from 2 project categories
to pitch a potential solution: (1) Enterprise or (2) Transformation.

The Enterprise category seeks projects that have the
potential to improve operational efficiency, e.g. process enhancement,
automation of manual tasks, reduction of reconciliation tasks.

The Transformation category seeks projects that have the
potential to enable business model innovation, or have implications in how
businesses, Government and society interact, and are associated with
institutional change.

Shortlisted projects must then work on a Minimum Viable
Product (MVP) or Proof-of-Concept (POC), with successful projects receiving
prizes of S$50,000 for Enterprise or S$100,000 for Transformation.

Interested applicants may apply online. The first round
of proposals will close on 28 May 2018.

Separate to the challenge, IMDA is also keen to
work with (a) companies interested in trialling blockchain or distributed
ledger technology within their environment for further use case identification
and sector identification; (b) blockchain or distributed ledger technology
companies who wish to work with IMDA. Such companies may reach out to IMDA.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com