A challenge aiming to “promote awareness and adoption of the technology; and encourage companies to explore business model innovation and/or transformation arising from the technology.” was announced in a press release from Singapore’s Infocomm Media Development Authority (IMDA).
Participants can compete in one of two categories: “Enterprise” for “operational efficiency” projects or “Transformation” for institutional change and innovation. Both, Minimum Viable Products (MVPs) and Proofs-of-Concept (PoCs) can be submitted.
$150k for grabs
The challenge is split into two rounds. First one ends at noon on May 28th 2018. After this the participants will have six months to develop their projects and compete for grand prizes: $50k and $100k in the “Enterprise” and “Transformation” categories respectively.
According to the press release, IMDA is looking to raise and encourage interest in Blockchain solutions. Also outside of the challenge. Last year IMDA partnered with 3 Asian banks to test Blockchain customer identification. This aimed at improving the KYC (Know-your-customer) processes. The partnership actually resulted in a successful KYC Blockchain prototype.
IMDA also partnered with research company SGInnovative as a part of the Blockchain Challenge. The partnership was to give “potential partners and [Challenge] participants” access to its Blockchain community.
Singapore officially expressed its interest in the Blockchain technology. Monetary Authority of Singapore (MAS) already works on creating a friendly environment for Blockchain and cryptocurrency businesses.