The Singapore Blockchain Ecosystem Report 2020 was launched at this year’s Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH). The report highlights the impactful developments and trends in Singapore’s blockchain ecosystem over the past year.
The report was co-presented by OpenNodes, Temasek, IBM, PwC Singapore, EY, and SGTech, and supported by the Infocomm Media Development Authority and the Monetary Authority of Singapore. It highlights Singapore’s blockchain research landscape with active contributions from both academic institutions and private sector.
The report also showcases how COVID-19 has accelerated the application of blockchain technology, which is being used to verify health credentials amid the pandemic.
It features a bibliometric analysis of blockchain-related scientific publications, showcasing Singapore’s progress in driving research in the field of blockchain technology. The report concludes that Singapore is said to have produced the highest number of research publications on the subject in ASEAN, and third highest in the world.
PwC Singapore conducted a survey for the report to assess the developments of blockchain-related activities in Singapore. Results showed that, blockchain emerged as one of the top three technology trends in Singapore for 2021, with 70% of the respondents showing support for the technology. The survey also ranked Singapore amongst the leading countries for blockchain in the Asia Pacific region.
This shows the optimism for the growth of blockchain in Singapore, as nearly half the survey respondents believed the growth of blockchain technology will accelerate with more applications and opportunities. Interestingly, more blockchain startups are progressing towards mature funding stages, pointing towards the vibrancy of the blockchain startup ecosystem.
When asked about applications of blockchain, asset track and traceability was the field most chosen by about 52% of respondents, which corresponds to the rise in the use of blockchain in supply chain tracking.
Moreover, of the respondents that are not currently engaging in blockchain initiatives, the majority (77%) believe more awareness of blockchain applications and use cases is the primary challenge, is a key priority for industry leaders as we move forward into the recovery phases of COVID-19.
“We are focused on fueling innovations within the blockchain community, driving awareness and adoption in the technology. It has been another intense year of collaborating with the industry stakeholders to develop the Singapore Blockchain Ecosystem Report 2020 that reveals exciting opportunities for blockchain in the country. The report is aimed at creating opportunities for high potential local blockchain companies to continue to thrive, grow, and contribute to the blockchain community.”
said Dr Ong Chen Hui, Cluster Director (Technology Development), IMDA.
“The blockchain field is abuzz with a lot of activity and innovations, more so after the pandemic. Use cases like the issuance of digital health passports using blockchain technology have gone a long way in tackling the challenges being faced.
From the time the crisis hit us all, startups within the ecosystem have been working on key challenges posed, including the need to issue discharge memos for migrant workers who have recovered from COVID-19. These memos are acting as an indication of recovery, are based on blockchain technology, and cannot be tampered.”
said Ng Yi Ming, Managing Partner, OpenNodes.
The Singapore Blockchain Ecosystem Report 2020 is said to reveal key trends that would define the next frontier of blockchain technology.