Singapore government supports blockchain development with an investment of $9 million

The blockchain market is growing with every passing day, and even the big players like Facebook want to try their hands on it for the same reason. This also gave rise to several new and exciting concepts, such as the blockchain TV series in Ukraine.

However, the market still requires a lot of support to gain more power. That is why the Singapore Government has taken the initiative to help the country’s blockchain ecosystem. Under their Singapore Blockchain Innovation Programme, they have provided approximately US$ 9 million for better development, research, and commercialisation of over 17 blockchain projects.

These applications mostly include sectors like logistics, trade, and supply chain, and around 75 companies are involved in it. The chairman of Enterprise Singapore, Peter Ong, supported their initiative with a statement,

“The [COVID-19] pandemic has shown that businesses and even entire industries have to change. With the booming demand for digital solutions to support this change, there is now an increased need for a secure and trustworthy way to transact.”

He further added that blockchain technology would help here to bring trust in the digital world because it is transparent, immutable, and traceable.