Singapore’s Infocomm Media Development Authority (IMDA) has launched a ‘Blockchain Challenge’ to accelerate the development and adoption of innovative new solutions using blockchain technologies beyond FinTech.
Blockchain has the potential to accelerate Singapore’s transformation into a digital economy, the IMDA says. Through blockchain, companies from food suppliers to entertainment and media companies could lower costs, expand connections, and overhaul their business models.
As most commercial blockchain solutions are currently in the FinTech space, there are significant untapped opportunities for companies with pioneering blockchain solutions for non-FinTech scenarios 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.
As the strategic partner for the 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 two project categories – enterprise or transformation – to pitch a potential solution. Shortlisted projects must then work on a minimum viable product or proof-of-concept, with successful projects receiving prizes of S$50,000 (Enterprise) or S$100,000 (Transformation).
Interested applicants can apply online. The first round of proposals will close at noon on May 28.