Singapore’s Infocomm Media Development Authority (IMDA) has stated that it will be making several investments to establish Singapore as a smart city that supports 5G and offers blockchain-enabled services to citizens and businesses.
According to a report by Silicon Republic, S. Iswaran, Singapore’s Minister for Communications and Information, said that the IMDA is working with the National Research Foundation to invest S$40 million (approx. US$29.42 million) in establishing a 5G ecosystem.
Initially, the IMDA will be focusing on areas such as urban mobility, smart estates, maritime operations, Industry 4.0, consumer applications, and government applications for the technology.
Meanwhile, the IMDA has also granted funds to eight projects as part of an initiative to create smart city nodes. These include a tool to project real-time local updates onto a 3D image of the estate and sending information through sensors connected via an Internet of Things (IoT) platform.
The IMDA has also revealed that Singapore is working to bring together different digital government systems on a blockchain platform. To address this initiative, the IMDA is reviewing its proposed Electronic Transactions Act (ETA), which will enable citizens and businesses to use distributed ledger technology (DLT) to create smart contracts and store biometric data.
IMDA chief executive Tan Kiat How said the project is part of Singapore’s “urgent efforts to digitalise, to be relevant and competitive.” Moreover, he called on the private sector to take part in the project.
“IMDA’s new multi-pronged, collaborative initiatives […] will further complement our existing efforts to accelerate Singapore’s transformation to an advanced digital economy, and I encourage all organisations to participate in these programmes,” Tan said.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us