Technology giant IBM has been quite keen on the blockchain for quite some time now. Raising awareness of this technology and spurring new developments are two of their primary objectives. One of their new plans revolves around establishing an IBM center for Blockchain Innovation in Singapore. In doing so, they will work together with the Monetary Authority of Singapore and the Singapore Economic Development Board.
Over the past few months, IBM has been pushing its blockchain efforts through various projects. The establishment of a Blockchain Innovation Center in Singapore is something entirely different, though. Working together with government authorities, industry leaders, and academics to create use cases for blockchain technology is a positive trend.
New IBM Center For Blockchain Innovation
The majority of use cases will focus on enterprise blockchain solutions, as well as improving cyber security. Cognitive computing technologies are also being considered, although no specific details were mentioned. Moreover, the IBM Center for blockchain Innovation welcomes SMEs to build new markets and create new opportunities. IBM Research VP of Global Labs Robert Morris stated:
“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.”
There are many benefits to embracing blockchain solutions, such as improved efficiency of multi-party transactions. In fact, it is possible to deploy these new technological solutions on a global scale. Collaboration with emerging Fintech startups will be critical to making this initiative successful. All participants are hopeful for this initiative, as new technologies should be completed with the next three years. The Linux Foundation Hyperledger will be used to develop new proofs of concept. Among the people staffing this center for Blockchain Innovation will be IBM Research Labs members and people from Singapore.