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Singapore emerges as an Innovation Hub for Blockchain Technology

Blockchain, the latest technology, is being implemented in various sectors including fintech across the globe. The technology not only empowered the digital currency but helped to bring a big change in many sectors including services. Of late, many companies are interested to implement the blockchain technology to secure their contracts and customers’ data. A decade ago the technology was first implemented to create a digital currency.

Among top cities across the world, Singapore has emerged as the favorite destination for IT companies to implement the blockchain projects. Currently, the Asia Pacific region is the fastest growing market in the world for technology. According to PwC, around 83 organizations in Singapore have initiated blockchain technology-based projects and out of these 13 initiatives are already live in the market today.

There is a huge opportunity for blockchain technology in the Singapore market, which becomes the first choice for the crypto and blockchain enthusiasts. Most of the entrepreneurs across the world are interested to start their operations in Singapore to tap the opportunities in the blockchain technology market.

The blockchain innovations and government’s support the blockchain ecosystem in Singapore. The government has been framing policies to boost technology. As per some media reports, the Monetary Authority of Singapore has been working with a blockchain technology company on PoC (Proof of Concept) project over using the technology for inter-bank payments. The blockchain enthusiasts are getting perfect ecosystem in Singapore to work on their innovation and launch their products. Companies and startups in Singapore have been implementing the blockchain technology to build effective solutions and services. Recently, the Singapore Power Group (SPG) launched a blockchain-based market that facilitates trade in renewable energy certificates.

Blockchain Technology: A Global Scenario

There is tremendous space for the technology in Singapore, let’s have a look at the global perspective.  According to KMPG’s report “The Pulse of Fintech 2018,” KPMG, the investment in the blockchain technology in the USA is increased in many folds compared to the investments made during 2017.

This indicates the ocean of opportunities for tech entrepreneurs across the world. The demand for the blockchain technology is increasing day-by-day despite bearish sentiments in regard to bitcoins. There is a drastic fall in the value of the bitcoins, the digital assets & coins, still, there is a huge opportunity for the blockchain technologies.

As per some reports, 33 percent of Level-C CEOs are either using the blockchain technology or are investing in this technology to develop solutions in their organizations. Considering the growth of the technology adoption, more than 80 percent of bankers would implement blockchain technology by 2020. And, the implementation could save around 8.12 billion USD.

According to Coin Desk, cryptocurrency has fallen roughly 70 percent since its peak value of about $20,000 USD in December 2017. However, the blockchain ecosystem is expected to witness rapid growth and maturation in the next few years.

 Top 5 Sectors for Blockchain Technology Implementation:  As per a research report “ICO and Blockchain Industry Sentiment Survey and Analysis (“Dipstick Study”), November 2018.”

  1. Basic Financial Services (lending, interest)
  2. Health and Life Sciences (Medical)
  3. IT Security
  4. Advanced Financial Services (derivatives, structured products)
  5. Education

Despite the saturation in the cryptocurrency segment, the blockchain technology would continue to dominate finance and other sectors. The major sector will be the banking sector, where the technology will be implemented to make the financial transactions more secrete and reliable. The introduction of e-medical records has created a space for the full-fledged implementation of blockchain technology in order to provide services to patients. Another sector will be the Education; the implementation of the technology will be bringing a major transformation in this system. IT security market will be another major sector where the implementation is highly essential. It will check the cyber attacks and minimize the damage and secure the data of the consumers.

For more information on blockchain technologies, please do write to Learnitude Technologies team at info@learntechx.com. Please follow us on Social Media: Facebook, Twitter & LinkedIn