Blockchain

Singapore Turning Out to be the Blockchain Hub of the World

Intel, BMW Group Asia, and Nielsen have become corporate partners of the Singapore-based blockchain accelerator Tribe which was launched last December by venture capital firm TRIVE Ventures in partnership with PwC Singapore’s Venture Hub and ICON Foundation of South Korea.

The main purpose behind BMW and Intel joining the accelerator is to help the startups inducted in the accelerator to build an inclusive ecosystem which is ready for industry 4.0, short for the fourth industrial revolution happening as a result of ever-growing AI, machine learning and data science.

The task of providing masterclasses to the startups on how blockchain solutions can be implemented in a mass market situation is assigned to the BMW Group Asia while Intel is going to handle the technical and business side of things. The third partner Nielsen is going to help by providing the startups with a sandbox which is going to have a controlled and safe ecosystem so that startups can test their new technologies and solutions.

The Tribe accelerator is being supported by a government agency Enterprise Singapore. The main purpose of this agency is to promote the growth of blockchain ecosystem in Singapore. It also provides a common ground for other government agencies and traditional enterprises to work with new blockchain projects and to get exposed to new possibilities springing up in the blockchain world. Just last month, the accelerator partnered with the development studio of ethereum, ConsenSys, in order to further strengthen blockchain environment in the country.

The Singapore government is backing this technological innovation so that it can take a lead on other countries and fully explore this tech. The accelerator is helping startups in the country get the support they need in order to become the next big thing. The country is also pushing on organizing blockchain events. ETHSingpore and Binance Blockchain Week are a few of the events that took place in the country.

The managing partner Ryan Chew of Tribe stated:

To move forward as a society, we need to encourage experimentation, and once the benefits of blockchain technology become evident, mainstream adoption will undoubtedly follow.

Blockchain is turning out to be the technology of the future with almost every industry trying to find out a use-case for it. A lot of intellectual capital is rushing in towards blockchain making it one of the fastest growing industries of the modern day. BMW and Intel joining the blockchain accelerator can be thought of as a way for these companies to get familiarized with the newest innovations in this space. The exposure can also help companies find viable applications of this tech in their own respective frameworks.

Big corporations across the globe such as Walmart and IBM are already exploring blockchain in order to make their workflows more efficient. Patents in this technology are being filed tech at a very rapid pace. Intel has already stepped in the blockchain world as it is providing technologies like Intel’s Xeon scalable processors and Intel Software Gaurd Extensions (Intel SGX) to the blockchain arena. As stated on Intel’s website;

Intel® Software Guard Extensions (Intel® SGX) delivers enhanced privacy and security that can help protect blockchain transactions, and help improve throughput and consensus efficiency.

BMW, on the other hand, is also exploring blockchain to the core. One of the best use-cases of blockchain in industries comes in the form of supply- chain tracking. For BMW, the potential lies in tracking components and parts of an automobile. The blockchain startup VeChain has already been working with BMW for over a year now on supply chains. Blockchain can definitely help the corporation improve its efficiency and revamp its supply- chain department for good. As stated by Andre Luckow, the blockchain technology lead at BMW Group:

…blockchains enable us to improve cross-organisational and crossindustry collaboration by increasing efficiency and transparency.

With the partnership of BMW Group Asia, Nielsen, and Intel, the blockchain ecosystem in Singapore has further strengthened. Singapore is moving far ahead in the blockchain game. With the pace at which its ecosystem is growing and the government backing accelerators like Tribe, it might just be a matter of time before it becomes the biggest blockchain and crypto hub of the world.

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Hammad Tariq

Hammad is the co-founder and editor of BlockPublisher. Holds a masters degree in embedded digital systems with deep knowledge of software development. Email: hammad@blockpublisher.com

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