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IBM, yesterday announced its plans to establish the first IBM Center for Blockchain Innovation in Singapore. The tech company has collaborated with government bodies namely, Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) for the same.

IBM Researchers will work with government, industries and academia to develop applications and solutions which are based on enterprise blockchain, cyber-security, and cognitive computing technologies. The Innovation Center will be staffed with technical talent from Singapore as well as researchers from IBM Research Labs worldwide. It will also form associations with small and medium-sized enterprises to create new applications and grow new markets in finance and trade.

Robert Morris, Vice President, Global Labs, IBM Research told that 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.

Now with new cloud services that make these technologies more accessible, leaders from all industries are beginning to take note of the resulting profound and disruptive implications in a range of settings including finance, banking, IoT, healthcare, supply chains, manufacturing, technology, government, the legal system, and more.

he further said.

The first few projects for the Center will focus on trade solutions using Blockchain to improve efficiency of multi-party trade finance processes and transactions. The solutions and associated Blockchain platform will be designed and developed in Singapore. The projects might also involve Fintech companies and will be aligned with Singapore’s Central Bank with a goal to develop Singapore as a Smart Financial Center.

Sopnendu Mohanty, Chief FinTech Officer of MAS told how MAS is pleased to work with various companies like IBM to promote technology innovation in finance and encourage the adoption of safe and efficient technology with the financial industry.

The IBM Center for Blockchain Innovation will allow companies across industries to partner with IBM in co-creating cutting edge digital solutions for global markets from Singapore. We are also pleased that IBM continues to engage actively with institutes of higher learning through the Center, creating roles for a deep talent pool in Singapore to advance emerging technologies.

said Kiren Kumar, Executive Director, Infocomms and Media, EDB.

IBM will also work with the world’s largest container transshipment port – Port Authority of Singapore, and others to create a trade ecosystem which connects emerging financial technologies with the physical world of global trade and logistics. This will lead to new business models and attract more global trade and finance to Singapore.

The Innovation Center is expected to deliver a number of technology pilots across the finance and trade industries over the next three years. These projects will build on IBM’s work with the Linux Foundation Hyperledger platform.

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