The blockchain is a decentralized, immutable database that permits recording transactions and monitoring assets inside a business network.
Bitcoin developer Satoshi Nakamoto developed the blockchain. For example, an investment might be anything tangible like a house, car, cash, or land, or it can be something intangible like a company, a patent, or a reputation (intellectual property, patents, copyrights, branding).
A blockchain network makes it possible to record and transact the sale of almost anything of value, which lowers the associated risks and costs for all parties involved.
What makes blockchain such an important technology?
Information is the engine that propels the economy. It is to everyone’s advantage if obtained as promptly and precisely as possible. Because it provides immediate, shareable, and utterly transparent information, blockchain is a good tool for supplying this information. It is stored on an immutable ledger that can only be viewed by members of the network who have the correct permissions.
A network that uses distributed ledger technology can keep tabs on production, orders, payments, and accounts, among other things. And since members have access to the same version of the truth, you can see all the nuances of a transaction from the beginning to the end. This gives you greater confidence, but it also opens up more opportunities and efficiency.
Blockchain became a key technology trend in Singapore in 2021
Singapore is now in fourth place among the world leaders in blockchain technology.
The Singapore Blockchain Ecosystem Report 2020 indicates that blockchain technology will be one of the top technological trends for Singapore in 2021.
The majority of respondents, almost 70 percent, believe that blockchain is the most essential technological advancement in Singapore. Other prominent topics include artificial intelligence (cited by 91% of respondents) and automation, as well autonomous technologies, and also the Internet of Things (IoT) (64 percent ).
According to the survey results, Singapore is among the most advanced countries in terms of blockchain technology, along with the United States, China, and Europe.
The poll also indicated an optimistic prognosis for blockchain development in Singapore. Forty-five percent of respondents said that the growth of the technology would expand as new uses and possibilities emerged, which was emphasized by the survey.
When questioned about uses for blockchain technology, asset track and traceability were picked the most often by 52 percent of respondents. This finding connects to the growing use of blockchain technology in supply chain monitoring.
Seventy-seven percent of respondents who are not currently participating in blockchain initiatives mention a lack of knowledge of blockchain technology and its use as the primary barrier to participation.
The research is being jointly presented by OpenNodes, Temasek, IBM, PwC Singapore, EY, and SGTech. The Monetary Authority of Singapore and the Infocomm Media Development Authority are providing financial support for the project.
It highlights Singapore’s dynamic blockchain research landscape, which results from contributions from academic institutions and commercial organizations.
There are 397 blockchain companies in Singapore at the moment. The following is a rundown of the top 10 most fascinating ones:
KuCoin is a cryptocurrency trading platform that was established in 2017. Bitcoin, Ethereum, Litecoin, and Ripple are some of the cryptocurrencies that users can buy, sell, and trade with one another. Provides APIs, market research charts, insights, and up-to-date pricing lists to the trader to assist them. It may be accessed on mobile devices running either Android or iOS.
Silot offers a platform for merchant banking. It was established in 2017. A financial platform and a knowledge graph constitute the solution. In addition, the Silot banking platform provides a QR module, a payment switch, payment API/SDKs, merchant administration and onboarding modules, consumer management and onboarding, AF/AML portal, and a KYC solution.
The Silot knowledge graph facilitates the interconnection of data inside businesses, providing a bank with an overview of its prospects and threats.
ClearX offers a system for trade settlement and clearing based on the blockchain. Utilizes smart contracts to facilitate direct and automated B2B transactions.
The technology allows for pluggable tokenization or the tokenization of current fiat currencies into eSDR. eSDRs are supported by numerous financial institutions’ liquid collateral. eSDR allows local and international transactions.
The assessment tool known as Indorse is used for coding. Hackathons, Upskilling via Employee Learning Management System through Evaluations, and Recruiting are the three components that make up the product offering. Hackathons are used to locate pre-accessed talent. Recruiting is used to choose persons from a pool. Customers such as Data School, Capita, Grab, Cut short, Home Credit, SingSaver, and others use this product.
The TOP Network provides decentralized communication services based on the cloud. Messaging, phone, video, virtual private network (VPN), content delivery network (CDN), and exchange of data from IoT are among the services that are offered. In addition, it gives programmers the ability to build their own communication apps by utilizing the TOP Network as a basis.
CoverMe is a messaging program, Dingtone is a decentralized messaging application, and SkyVPN is a decentralized virtual private network service that it offers. Provides TOP coins to connect final customers, decentralized apps, and service providers.
Investing in gold may be done via the decentralized platform known as Copernicus Gold. Permits users to obtain gold, hold it in vaults, and sell it. In addition, users can accept gold-backed currencies in exchange for fiat currencies.
Additionally offers cards that can be used for shopping and can be used to withdraw cash from wallets. Available for use on mobile platforms such as Android, iOS, and the web.
Marlin Protocol is a platform for decentralized content distribution networks. The platform seeks to ease the processing, storage, and dissemination of information in exchange for the native LIN tokens of the network.
This will be accomplished by using the spare bandwidth and hard drive space that Internet users have available to them. A record of all transactions, which users are free to go back and check, is kept in the distributed ledger.