IBM to Open Blockchain Development Center With Singapore Regulators

IBM expanded its blockchain efforts in Singapore today with news it will open the Center for Blockchain Innovation in partnership with the Singapore government.

Coming just week after the company announced it would open a new facility in Singapore for 5,000 computer scientists, today’s news is suggestive of what has been called a high level of support for blockchain technology in the region.

Robert Morris, vice-president of Global Labs at IBM Research, said in a statement that advances in cloud services are making the distributed ledger technology more widely accessible in new regions and industries.

Morris 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."

The Innovation Center is co-located in the Watson Center announced last month and will be staffed with technical talent from Singapore as well as researchers from IBM Research Labs worldwide.

Work across industries

In collaboration with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) the center’s first project will focus on using blockchain to improve multi-party trade finance efficiencies.

The projects are expected to involve global banks and emerging financial technology companies aligned with the vision of MAS, Singapore's Central Bank, to further develop Singapore's financial services, according to the statement.

IBM expects to work with the Port Authority of Singapore to improve supply chain efficiencies with the goal of attracting international trade to Singapore.

Over the next three years, the Blockcahin Center will be expected to deliver a number of technology pilots across the finance and trade industries.