On the sidelines of the Singapore Week of Innovation and TeCHnology (SWITCH) 2020, the Singapore University of Social Sciences (SUSS) and Enterprise Singapore (ESG) signed a Memorandum of Understanding (MOU) with six commercial partners to create, trial and implement the Blockchain for Trade & Connectivity (BTC) Network. The new network is a unifying platform that will allow blockchain to operate together with other technologies.
Among the six commercial partners was VeChain Technologies - a global leading enterprise-friendly blockchain company with partnerships including Walmart China, BMW Group and H&M Group - and the Commodities Intelligence Centre, which has a Gross Merchandise Value of more than US$12.7 billion (S$17.7 billion) and over 5,000 registered users across Asia. The initiative was supported by the National Research Foundation.
The BTC Network allows for the innovation and testbedding of blockchain technology with global supply chain businesses, digital trading platforms and technology specialists. It hopes to strengthen blockchain interoperability by integrating mesh networks to streamline connectivity between existing platforms and systems.
A risk assessment framework will be developed to help local businesses and workers understand blockchain’s potential. The objective of the framework is to help SMEs assess which of their business needs can be met by blockchain technology.
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“The BTC Network is one of SUSS’s endeavours in harnessing transformative technologies to serve society’s changing needs and contribute to building an inclusive and resilient society for social good,” says SUSS provost Prof Tsui Kai Chong. He sees the resulting programmes and courses will better help students and adult learners hone “future-ready digital capabilities”.
It is hoped that the project will help reduce trade barriers while advancing the trade and connectivity sector in an increasingly digitalised future. “Assuring reliable supply chains and trusted connectivity to the world are key considerations that will maintain our status as a trade and connectivity hub,” says ESG’s Assistant Chief Executive Mr Satvinder Singh
“Through the BTC network, we can connect enterprises with Institutes of Higher Learning (IHLs) to co-create or adopt digital solutions that will promote greater efficiency and transparency across global supply chains,” Singh adds. He vowed to continue working with SUSS and industry partners to help SMEs assess the resilience of their present operations and adopt blockchain for business confidence and growth.
The MOU was hashed and uploaded to VeChain’s public blockchain network as a symbol of the immutability of blockchain technology.
