Blockchain Challenge Launched By Singapore’s Infocomm Media Development Authoritybr>
Singapore’s Infocomm Media Development Authority (IMDA) is launching a blockchain challenge that will reward successful projects with funding.
The IMDA is a statutory board of the Singapore government under the Ministry of Communications and Information (MCI). IMDA regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment. It also enhances Singapore’s data protection regime through the Personal Data Protection Commission.
IMDA said the blockchain challenge aims to promote awareness and adoption of the technology, and encourage companies to explore blockchain. IMDA is specifically targeting two categories of blockchain applications: “enterprise” and “transformation.”
Participants will have six months to develop either a minimum viable product or proof-of-concept. Winning projects will receive S$50,000 (US$38,000) for the enterprise section or S$100,000 (US$76,000) for the transformation category.
Philip Heah, senior director of sectoral transformation at the IMDA, said that the blockchain challenge will help drive awareness and spur development and adoption of this promising technology throughout Singapore.
“To ensure every business is a digital business, Singapore’s Digital Economy requires technologies which can accelerate sector transformation,” Heah said.
As the strategic partner for the challenge, tech investment and research firm SGInnovate will be providing challenge participants access to its blockchain community networks. The deadline for submission of entries is May 28.
Separate to the challenge, IMDA is also keen to collaborate with blockchain startups that are focusing on identification-related solutions.
“IMDA would also like to invite companies who are providers of blockchain or other distributed ledger technologies to register with IMDA, so that we can reach out to you to explore related engagements.”