Blockchain Adoption In Singapore Has Grown More Than 50% Since 2019

The blockchain adoption in Singapore shows more than 234 companies operating in this field, in a new kind of “map” that a collection of organizations have collaboratively designed. The map has grown by more than 50% since last year and it is a lot bigger in 2020 than it would have been in 2019.
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As the blockchain news show, the map is mostly a collection of company logos which are organized by specific business sectors. The categories range from corporate services to smart cities to protocol and infrastructure and beyond.

A notable addition in this list for 2020 is the field of decentralized finance (DeFi) which plays a major role in the blockchain adoption in Singapore. This sectors seems to be gaining global momentum as companies like Temasek are growing – this firm specifically became the first Asian entity which partnered with the Libra Association.

Besides the blockchain and Libra news from Singapore, we can see that in total, there are 234 entities working in this landscape and representing 26 categories on the 2020 map. Compared to 2019, there are 91 more companies which indicates growth above 50%.

A screenshot of the map and the blockchain adoption in Singapore can be seen above. If you want to download it, you can preview the PDF version by clicking on this link.

As to some of the reasons why the blockchain adoption in the country is emerging, there are various reports. One report from the consulting firm PwC says that around 82% of the surveyed executives in the country reported blockchain initiatives underway. Moreover, 13% of them have already brought the initiatives live to the marketplace.

We can also see that the blockchain adoption in Singapore has been backed by the Global eTrade Services (GeTS) which is a subsidiary of CrimsonLogic and a leading eGovernment products and services provider.

GeTS has launched the Open Trade Blockchain (OTB) which is an extensible blockchain service built for trade communities which can make global trade very efficient, secure and transparent. This is the region’s first cross-border blockchain platform which directly aligns with the Belt Road Initiative (BRI) in China and the Southern Transport Corridor.

From education to jobs, real estate, food tracking and healthcare, blockchain is growing in Singapore, offering cutting-edge network structure management and data storage standards which focus on quality and transparency.