The project is the first collaboration of IBM with a country’s private and public sectors aimed at promoting and developing blockchain and cognitive technologies for cross-industrial needs.

The Blockchain Innovation Centre created by the electronic giant in partnership with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS) is going to combine research, involving both Singaporean scientists and the IBM Research network, with actual collaboration with the country’s small and medium-sized enterprises.

“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,” said the vice president at Global Labs IBM Research Robert Morris.

Working with the Port Authority of Singapore, the world's largest container transhipment port, the Centre plans to create an ecosystem to connect the emerging technologies “with the physical world of global trade and logistics.”

The Centre is going to focus its efforts on developing solutions to improve the efficiency of multi-party trade finance processing. These projects, though likely to involve banks and companies from all over the world including those working together via Hyperledger platform, will be discussed with Singapore's Central Bank (MAS).

“The financial sector is well-placed to play a leading role in Singapore's vision of being a Smart Nation. Given that technology is a key enabler of financial services, MAS is pleased to continue to work with companies like IBM to promote technology innovation in finance, and encourage the adoption of safe and efficient technology with the financial industry,” said Sopnendu Mohanty, chief FinTech officer of MAS.

In spring 2016, IBM also announced that it was negotiating with South Korea on possible strategies of integration of the blockchain technology into the national business.

Maria Rudina