Blockchain technology is increasing in popularity in Singapore, as the Information Communications and Media Development Authority has announced the creation of a marketplace based on blockchain technology at the beginning of April. The project will be enabled in collaboration with the Data Innovation and Protection Agency in the city-state.
Our company formation agents in Singapore can help investors who want to set up businesses in the innovation sector.
A new transaction model for Singapore companies is underway
The marketplace will enable Singapore companies and consumers to complete transactions related to various types of data and services. The great advantage of the new project will be the blockchain technology which will be used to decentralize the data and services and will also guarantee the following to the participants:
- – total control over the data they share with each other and their clients;
- – transparency for clients who share their personal information with service providers;
- – compliance with the regulations and norms imposed by the upcoming platform;
- – security which is very important for both services providers and customers, but also for third-party users.
The marketplace will operate as an exchange platform which will be called Ocean. The principle under which Ocean will operate is based on data providers to put it on the platform which will transform it into an asset which cannot be copied or altered. The owner will have total control over the information and will be able to grant access to third-party users only if they want to.
You can rely on our Singapore company formation specialists if you are interested in setting up a business in the information technology sector.
The marketplace will address several industries
After the announcement, players from six large industries in Singapore have announced their interest in the new marketplace. The first to test the Ocean Platform will be a large healthcare company which will capitalize at the beginning of 2019, at the latest.
The government also plans to set up a program dedicated to supporting Singapore companies seeking to transform the data they own into assets without endangering the providers of the information.
It is highly possible in the near future for the government to create a national marketplace based on the same decentralized blockchain technology.
If you are interested in exploring blockchain technology by starting a business, please contact our company formation advisors in Singapore for help.