The acute development of the global COVID-19 pandemic has not only taken the world by surprise, but has also exposed the many limitations of existing technological systems in place to handle global emergencies. This has intensified the urgency of enterprises and large organizations to vastly implement upgraded technological solutions such as those utilizing blockchain technology to create a more transparent and cohesive supply chain around the world. The usage of such solutions provides the improved ability to solve these complex problems of enterprises and deliver added value.
How Singapore is Playing a Leading Role in Fostering a Healthy Blockchain Environment
Singapore has been a shining example in showing consistent support for the advancement and development of blockchain technologies. Singapore’s strong interest in a blockchain-based ecosystem to solve complex problems can be seen through its favorable views towards forward-looking government policies and providing needed regulatory certainty to help the private sector develop valuable services to tackle those problems. It has produced one of the highest number of blockchain-related research publications in Southeast Asia, with over 162 publications over the last 15 years.
With its continuous efforts, Singapore has unequivocally established itself as a key hub in Asia towards blockchain technology. The Singapore Blockchain Ecosystem Report 2020, highlights Singapore as a key hub for blockchain research and commercialisation.
According to EqualOcean analysis, Singapore also ranks fourth worldwide in terms of the capital raised through blockchain investment.
Singapore’s strong commitment to blockchain development can be seen in a number of programs it has initiated.
The chairman of Enterprise Singapore, Peter Ong, mentioned in one of his statements:
“COVID-19 has emphasized the need for trusted and reliable business systems in the new digital world. Blockchain technology helps embed trust in applications spanning logistics and supply chains, trade financing to digital identities and credentials.”
Despite the tough pandemic, in December 2020, the Singapore Blockchain Innovation Program (SBIP) was launched with the objective of strengthening the ecosystem and facilitating the development, commercialization, and adoption of blockchain technology in Singapore with an initial capital of $12 million. It is a joint effort by a group of Singapore government agencies such as Enterprise Singapore (ESG), the Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF).
Funded by NRF, it plans to conceptualize at least seventeen blockchain-related projects on a global scale beyond the area of finance within the next three years.
This means great opportunities for blockchain companies like EMURGO – a global emerging technologies company headquartered in Singapore and a founding entity of Cardano – which can leverage upon its industrial expertise and international presence through potential partnerships and bespoke products.
Traceability a Top Use Case For Blockchain Solutions
The COVID-19 pandemic has had a significant impact on the efficiencies of the global supply chain, particularly when it comes to domestic and cross-border trade. In addition, the pandemic has also raised concerns on the trust and safety of products in the food chain, and sanitary conditions of food processing & packaging facilities.
In the findings presented in the previously mentioned “2020 Singapore Blockchain Ecosystem Report,” Singapore’s blockchain industry has identified asset tracking and traceability as one of the top use cases for blockchain technology.
This has inevitably led to greater scrutiny on the global supply chain as well as on the existing technologies that support it. This is an industry area where the full potential of EMURGO’s traceability solution can be tapped into to further support the growth of the food traceability market to ensure efficiency, transparency, and the streamlining of costs and processes.
EMURGO’s traceability solution has been very successful in its partnership with Indonesia’s Blue Korintji Coffee and ALKO (coffee bean processing company) to benefit farmers and consumers in its supply chain.
Blockchain Case Study in the Agrifood Industry
“The global blockchain in agriculture and food supply chain market size is estimated at USD 133 million in 2020; it is projected to grow at a CAGR of 48.1% to reach USD 948 million by 2025”. (Source: The Courier, Blockchain in Agriculture and Food Supply Chain Market, December 10, 2020)
As such, several countries and enterprises around the globe have also started focusing on adopting blockchain technologies to keep their food safe, provide trust to their consumers, and to monitor their food supply chain. Some examples include:
An Aussie government-funded research firm is making use of a traceability solution in importing beef to China so that customers can access information on how the cows were raised and transported.
An American multinational retail corporation, Walmart, created a food traceability system to trace the origins of its products from various suppliers.
The Malaysian Palm Oil Council (MPOC) has partnered with a blockchain firm in developing a blockchain mobile app and web interface to follow through its palm oil supply chain.
A New Zealand-based agri-tech and herd improvement firm, invested in a blockchain startup to add value to New Zealand’s dairy farmers with the aim of increasing trust among farmers and consumers.
Switzerland’s biggest supermarket uses a food traceability solution to optimize its supply chain, reducing costs and food waste. This solution enables more focus on sustainability when it comes to perishable food while adding value to its suppliers and stakeholders.
These examples not only iterate how cross-border food commodity trading would be much faster and efficient through the global adaptation of traceability solutions, but also validates the growing demand for traceability solutions within Singapore and globally.
EMURGO Can Help Solve Your Problems
For any businesses looking to collaborate on traceability solutions on a regional or global scale, EMURGO with its huge global presence has proven itself as an established blockchain firm through its partnerships with Blue Korintji Coffee, Brandmark, Ahava Cosmetics, and Angel Bakeries, to name a few.
To find out more about our product and how we can help you solve complex problems through custom-built blockchain solutions, click here to reach out to us.
In conclusion, while the COVID-19 pandemic has its fair share of devastating impact on a global scale, it has intensified the growth of blockchain technology with the world being more receptive than ever before. We are just at the beginning of the blockchain decade, which will only continue to accelerate henceforth.