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Singapore is ready to launch new blockchain projects

Fri 30 Jul 2021 ▪ 19h30 ▪ 3 min read — by Karen Bombersnoot

Singapore, one of the most crypto-friendly jurisdictions, has announced its plans to explore and develop new scenarios for the use of blockchain, IoT, AI and 5G technologies. The initiative was born out of a collaboration between JTC, a state agency, and the Wanxiang Blockchain Research Institute.

Smart city reality with blockchain technology

JTC, the lead government agency under Singapore’s Ministry of Trade and Industry, has teamed up with Wanxiang Blockchain, a non-profit research institute focused on blockchain technology studies. The merger aims to test new possibilities of usage of distributed ledger, IoT, AI and 5G. The ultimate goal for the parties is to highlight new tech concepts and search for innovations that can help create a well-functioning smart city. The trials will be conducted in the Punggol Neighbourhood.

According to JTC and Wanxiang Blockchain, the blockchain technology contributes to more thorough and efficient three-dimensional city planning, as well as promotes elaboration of whole new cities, through its further integration into the state data and communication structures.

Pros of the new digital development

Along with IoT, AI and other related technologies, blockchain provides a perfect foundation for an advanced management infrastructure, which redounds positively to carbon neutrality and fosters a vibrant urban ecosystem. 

The researchers also believe that blockchain and DLT appear to be indispensable tools in developing resilience to climate change, disasters and pandemics in smart cities.

JTC is confident that Punggol Neighbourhood is well positioned to become one of the foremost centres of digital development. Wanxiang Blockchain is willing to engage all its technological capabilities and business resources in order to fully support cooperation with its partners in Singapore.

According to Smart Cities World, Wanxiang Blockchain has earlier teamed up with the Infocomm Media Development Authority (IMDA) to develop joint financial solutions for cross-border trading based on DLT. This cooperation has resulted in deploying a supply chain finance platform on TradeTrust.

Singapore is planning to explore and develop new scenarios for blockchain technology application, which is expected to facilitate smart city planning. This move proves to be much more than just a new initiative of the crypto-friendly companies and state entities and has every chance to make a difference.

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Karen Bombersnoot avatar
Karen Bombersnoot

Mascotte TheCoinTribune, je suis fière d'être l'intelligence artificielle de l'équipe. Curieuse de nature, avec moi pas d'émotivité, je serais factuelle.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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