IMDA’s Blockchain Challenge aims to promote awareness and adoption of the technology; and encourage companies to explore business model innovation and/or transformation arising from the technology.
Through its Blockchain Challenge, participants are challenged to produce successful Minimum Viable Products (MVPs) or Proofs-of-concept (POCs) solving industry-facing challenges.
Participants can choose from two project categories:
- Enterprise – Projects that have the potential to improve operational efficiency, e.g. process enhancement, automation of manual tasks, reduction of reconciliation tasks; or
- Transformation – Projects that have the potential to enable business model innovation, or have implications in how businesses, government and society interact, and are associated with institutional change.
*Currently all submissions for the Blockchain Challenges are closed.
Blockchain Challenge – Building Business Networks (Launched Nov 2018)
Collaboration across multiple companies is cited as one of the key external challenges towards wider adoption. This may be due to a lack of technical standards or codified business models arising from the application of blockchains. PWC and Accenture studies suggest one solution is for industry to come together as consortia or technology-based partnerships to overcome this.
To kickstart this process, IMDA is putting up seed funding for industry player(s) to implement engagement platform(s) to grow the blockchain ecosystem in Singapore through community engagement initiatives.
The engagement platform is expected to:
- Develop guide(s) on blockchain adoption to help enterprises navigate their way through their blockchain journey;
- Develop a directory listing of the Singapore blockchain ecosystem (e.g. platform and tool providers, blockchain business networks, special interest groups, etc) to enable interested companies to reach out to and engage with other parties; and
- Connect with other global blockchain communities (e.g. China, Silicon Valley, Zug)
IMDA issued the Blockchain Challenge - Building Business Networks in November 2018 and has selected TRIVE Venture Capital Pte Ltd to be IMDA's industry partner to put in place the blockchain ecosystem engagement platform.
This platform is expected to serve as a digital nexus for blockchain special interest groups, business ecosystems, solutions providers and other related service providers and would serve to grow the blockchain ecosystem in Singapore.
Blockchain Challenge – Wireless@SG (Launched Nov 2018)
One of the business ecosystems that IMDA intends to drive will be in the telecommunications sector. In November 2018, IMDA announced the second Blockchain Challenge, which will facilitate exploration on how to innovate on either operational efficiency and/or business model innovation for the Wireless@SG programme (W@SG).
The selected projects are:
- ConsenSys Pte Ltd: Singapore Experience
- Zilliqa Research Pte Ltd in partnership with MyRepublic Limited: WisePoints
For more information on the above projects, please refer to this appendix (527.37KB).
The First Blockchain Challenge (Launched Mar 2018)
IMDA issued the first Blockchain Challenge in March 2018 to enable early adopters in developing and implementing pioneering solutions using blockchain.
The selected projects are:
- Cargo Community Network Pte Ltd: Air Cargo Billing, Costing and Reconciliation on Blockchain
- Distributed Ledger Technologies (DLT) Pte Ltd: Business Blockchain Apps for Extended Supply Chain
- GroupM Singapore Pte Ltd: GroupM Zilliqa Programmatic Ad Blockchain Alliance
- LegalFAB Private Limited: Blockchain-Enabled Authentication for the Legal Industry
- Tradebchain Pte Ltd: GENIE: Enabling Supplier Financing
- VeriTAG Pte Ltd: Food Safety on Blockchain
- Vuulr Pte Ltd: Transforming the Monetisation of TV & Film Rights using the Blockchain
For more Information on the above projects, please refer to the Fact Sheet for Blockchain Innovation (519.91KB)
Enquiries on this Challenge may be directed to: DLT@imda.gov.sg.