The Singapore government has announced that it will be launching a blockchain challenge that will reward winning projects with development funding.

Singapore’s Infocomm Media Development Authority (IMDA) stated that the challenge’s aim is to promote awareness and adoption of the technology. IMDA is hoping the challenge will bring more companies into the ecosystem and explore the potential that blockchain technology holds for the future.

The Singapore government has put forth the task to create a successful Minimum Viable Product (MVP)or Proofs-of-Concept (PoC) solving industry challenges.

The challenge guidelines state that the agency is looking at targeting two categories of blockchain applications: “enterprise” and “transformation.” Its preferences lean towards distributed ledger technology that can either streamline business operations or a technology that enables business operations to be seamless in any sector.

The IMDA said participants that are shortlisted will have a maximum of six months to produce either the MVP or PoC.

The winning teams for the enterprise section will compete for an award of USD 38,000 while those in the transformation category will be awarded USD 76,000.

In recent news, Philip Heah, senior director of sectoral transformation stated: “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.”.

Along with the challenge, the Singapore government has called for a more comprehensive spectrum of adoption. It aims to focus on the all-encompassing integrated blockchain technologies and development for broad industrial adoption.

Meanwhile in the United Kingdom

UK Chancellor of the Exchequer Phillip Hammond is expected to announce a government taskforce which is focused primarily on cryptocurrency regulations and harnessing potential benefits of its underlying technology. The Exchequer is set to be joined by the Bank of England and the Financial Conduct Authority, all taking place at the International Fintech Conference.

Additionally, the British government aims to remove the barriers big conglomerates face in the sector, making it easier for them to participate in the blockchain industry.

The British government has not dismissed the idea of cryptocurrencies; they are working on a resolution to regulate, with Prime Minister Theresa May stating her concerns over the potential illicit activities related with use of these currencies.

Bloomberg reported May as saying: “The risk that criminals can use cryptocurrencies means Britain and other governments should be looking at them “very seriously… Technology companies must focus on the issue of social responsibility, especially in the areas of terrorism and child pornography.”.

 

 

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