The Blockchain Innovative Center will focus on blockchain-based solutions for a number of spheres.

IBM, a leader in the sphere of blockchain research and development, has partnered with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) to launch a Blockchain Innovation Centre in Singapore.

IBM Researchers is intending to cooperate with government, industries and academia to develop blockchain-based technologies. IBTimes informs that IBM is also planning to work with cyber-security and cognitive computing technologies. Blockchain Innovation Centre together with small and medium enterprises will create new applications to grow new markets in finance and trade.

Robert Morris, vice president, Global Labs, IBM Research, said: “This is IBM’s first collaboration with the private sector and multiple government agencies within the same country to explore the use of blockchain and cognitive technologies to improve business transactions across several different industries. Now with new cloud services that make these technologies more accessible, leaders from all industries are beginning to take note of the resulting profound and disruptive implications in a range of settings including finance, banking, IoT, healthcare, supply chains, manufacturing, technology, government, the legal system, and more.”

According to IBM’s statement, the company will cooperate with the Port Authority of Singapore, the world’s largest container transhipment port, to embed innovative technologies in the spheres of global trade and logistics. It is hard to deny the mutually beneficial nature of the cooperation as new business models will attract more global trade and finance to Singapore.

Tan Chong Meng, Group CEO, PSA International, said: “PSA is pleased to be a collaborator in the new Center for blockchain Innovation being set up in Singapore. We will work with IBM and other partners, as well as through our new incubator program PSA unboXed, to explore the development and use of blockchain technology for Trade, Finance, and Logistics. These are fields that we can add value to with our expertise as a hub port operator in Singapore and around the world. We believe new technologies such as blockchain have the potential to reinvent multi-party business transactions and that Singapore is the right innovation hub to carry out field trials of such technologies across a variety of uses.”

First of all, Blockchain Innovation Centre will focus on blockchain-based trade solutions intended to facilitate and enhance multi-party trade finance processes and transactions.  The Center will develop the solutions and associated blockchain platform in Singapore.

“The financial sector is well-placed to play a leading role in Singapore’s vision of being a Smart Nation. Given that technology is a key enabler of financial services, MAS is pleased to continue to work with companies like IBM to promote technology innovation in finance, and encourage the adoption of safe and efficient technology with the financial industry,” said Sopnendu Mohanty, chief FinTech officer of MAS.

IBM reveals that Blockchain Innovation Centre in Singapore will work on a number of technology projects across the finance and trade industries during the next three years. Staffed with technical talents from Singapore and experienced researchers from IBM Research Labs worldwide, the Innovative Center will help increase Singapore’s competitiveness as a global trading hub.

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