Singapore Government launches blockchain contest with cash prizes. Singapore government is launching a competition to reward successful Blockchain projects. Singapore’s Infocomm Media Development Authority (IMDA) announced on Thursday that with the competition, they aim to increase Blockchain innovation as part of the wider digital transformation in the city.
The competition focuses on Blockchain applications in two categories, enterprise and transformation.
According to the competition fact sheet, IMDA specifically targets Blockchain applications in two categories, corporate and transformational.. IMDA also emphasizes that distributed ledger technology (DLT) is among the technologies that will facilitate business operations or, more broadly, foresee changes in social interactions such as utilities.
Contestants will have a six-month period
IMDA states that enlisted participants will have six months to develop a minimum valid product or proof of concept. Winning projects will receive $50,000 (US$38,000) for the enterprise category and $100,000 (US$76,000) for the conversion category.. Philip Heah, senior industry transformation manager at IMDA, said:
To enable every business to become a digital business, Singapore’s Digital Economy needs technologies that accelerate industry transformation. Through the IMDA Blockchain competition, we will raise awareness and develop our economy with promising technologies, including in non-fintech fields.
Singapore Government launches the cash prize Blockchain competition at the request of the public
IMDA is also calling for blockchain startups that are willing to work with the organization and are working on a general project on the development of Blockchain or on authentication-related solutions to enable broader industry collaboration.
This competition is launched at a time when voices are constantly rising in Singapore for the adoption of Blockchain technology. As previously reported, the city-state’s central bank, the Monetary Authority of Singapore, is already working on a Blockchaine-based cross-border remittance solution called Project Ubin, in partnership with the Bank of Canada.