Why Blockchain Development in Singapore is Emerging?

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What can be more exciting than a perfect blend of nature and technology? Singapore brings you the same! This beautiful island is just the perfect place where not only you have serene beauty to adore but also make a lot of out of your business.

There are a number of businesses coming here and investing quite heavily in blockchain technology and cryptocurrencies. And why not! It is just the perfect place where you will be getting a lot of benefits to avail excellent returns, take a look:

  • You will have a free-market economy to grow without much complications.
  • Another big advantage which comes your way is in the form of investor-friendly laws.
  • Internet penetration and high-level academic institutions are other advantages for you.

So, this shows why Singapore has become a hot favorite for businesses around the world. It helps them earn a lot in return. If you are looking to raise funds and that too with the use of blockchain technology, then you have landed yourself on the right page.

We will help you understand how blockchain development is growing quite significantly in Singapore. In recent months, there are a number of organizations coming up with ICO ( Initial Coin Offerings) in Singapore.

Take a look at the key initiatives related to blockchain development services in Singapore:

  • Recent Open trade blockchain was launched by Global eTrade Services (GeTS). It’s a subsidiary of CrimsonLogic in Singapore. They are one of the best in the business when it comes to providing eGovernment services and products. Now they have come up with an extensible and inclusive blockchain service developed for the trade communities. This eventually brings in a lot of efficiency in the form of better security and complete transparency for worldwide trading services. The location of the upcoming and existing nodes offers a comprehensive blockchain network all around Asia.

  • Singapore Airlines has also come with its own blockchain-based loyalty scheme for regular flyers. The name of the digital wallet is KrisPay which was in partnership with Microsoft and KPMG. With the help of it, Singapore Airlines customers can travel miles with the use of units for payment. How amazing is it! This unique platform gives members to use 15 KrisPay miles which are around $0.10 to pay for their purchases, either in full or even partially.

  • Ngee Ann Polytechnic is Singapore’s most reputed higher education institution exclusively joined hands with United Overseas Bank’s FinLabblockchain startup named Attores. Now the students are awarded with Diploma Plus Certificates which is infused in the LinkedIn profile directly. In fact, Ngee Ann Polytechnic’s initiative of blockchain technology is striving hard to turn the entire place digital arena.

  • In Singapore, you can use DLT technology at Project Ubin. It is a Monetary Authority of Singapore-led initiative. So, when it comes to getting your payments settled or cleared, you can always consider using DLT(Digital Ledger Technology). You can also use this technology for the tokenized form of the Singapore dollar.

  • A Singapore P2P real estate startup, Averspace has been in the news for launching innovative attributes of blockchain-enabled property rentals. Tenants and homeowners can exclusively sign a digital tenancy agreement with the use of their smartphones. the best part is there is no need for both parties to catch up face to face. All necessities can be covered with the use of this attribute where you can chat with each other from any location.

  • The Intellectual Property Intermediary (IPI) is also working on a project which is related to Blockchain technology for food. With the help of this technology, it will be easy to track the materials and products with ease. The blockchain database will make it easy for one to manage all the products. With the help of this technology, you will be benefited from leading-edge data storage standards and data structure management, making sure that the food quality is safe.

  • SGInnovate is one government-owned technology development company in Singapore. They have invested in MediLOT Technologies who are in the business of blockchain and healthcare development. They are always supporting research-based deep tech startups. With the help of Blockchain technology, there will be a lot lesser admin tasks to cover as it will be done quite convincingly. In fact, this technology will also help doctors cover emergency situations with ease.

  • Electrify is another firm invested heavily in this technology to make it easy for people in Singapore to buy electricity. Through a mobile and web platform, it has become a lot more easier for users to buy energy right from the electricity retailers with the usage of “smart contracts”. You will have the terms of code between the buyer and the seller with the help of a blockchain network.

Wrapping Up

This beautiful Asia Pacific region is growing fast especially in the domain of blockchain technology. This is the reason why businesses around the world are thinking of coming here and dominate in their field. According to the study, more than 82 percent of employees in Singapore has stated that there are many more blockchain projects in the making. This is the reason why Singapore has become the top choice for businesses when compared to other countries. The government here is always backing the blockchain revolution.

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Shrey Bhardwaj

Shrey Bhardwaj is a Founder and Director of PerfectionGeeks Technologies. He stands at the forefront of the advanced technology industry trend. He has spent the past 8 years evangelizing an industry-wide shift to the digital world and has helped position PerfectionGeeks Technologies as a leader in the public space. Shrey embraces the core values of innovation, integrity, and growth. He has been highly acclaimed in strategic partner relationship development. Take a look at the skills he adores which makes him the best in the business:

  • CCNA
  • CCNP
  • CCSP
  • Development
  • Blockchain
  • He being a blockchain and microprocessor engineer has helped PerfectionGeeks Technologies get a reputed space among the audience. With 8 years at the back, Shrey has built a reputation for developing high-class business strategies, infusing new business models, and developing out channel programs. He is managing and developing a profitable business model for high-end enterprise services which can lead to even bigger growth opportunities. There is nothing stopping him from achieving the impossibles and that too smartly!

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