The Asia-Pacific region is widely considered to be the fastest-growing blockchain market in the world, and this is supported by Genesis Market Insights as shown in one of their recent reports. Within the territory, Singapore in particular has made incredible development with the newly-emerged industry. A separate report from PwC highlighted that 82% of Singapore executives said their organizations were implementing blockchain initiatives and 13% of those brought the plans to market.
According to an analysis by Entrepreneur, the reason why Singapore has become a leader in blockchain goes beyond just their support for cryptography technology. It is also because of backing coming from the world’s best blockchain researchers, as well as the government for innovation, have put Singapore ahead of other countries in leading the revolution.
Globally, the many companies that have expressed interest in blockchain have noticed the incredible support Singapore provides. With this in mind, the country has become a hot spot for crypto and blockchain enthusiasts, on top of entrepreneurs and enterprises that are carving the niche with their regional offices. The following are just some of the fastest-growing businesses in the country.
Electrify is a retail electricity marketplace based in Singapore, and is the first in Southeast Asia. The aim of the company is promoting energy consumption transparency and safety. Since its inception, Electrify’s GMV has exceeded SGD $10 million and from March 2017, the company has provided over 60GWh of electricity to commercial and industrial customers. The company is currently planning to develop a decentralized energy market to operate on the blockchain. Named Marketplace 2.0, it will allow anyone to obtain energy from commercial energy providers or buy energy directly from private producers via Synergy, Electrify’s peer-to-peer trading platform.
Yojee (YOJ:ASX) is an ASX-listed technology company that has introduced new ways of working, communicating and collaborating in the logistics industry in Singapore. The company uses artificial intelligence and blockchain technology to help logistics companies coordinate their fleets and optimize and manage real-time tracking, pickup and delivery confirmation, invoices, job management and driver ratings. Machine learning is used to automatically assign delivery work to drivers and eliminate human middle-man, thus reducing the total expenditure of the organization.
Bluzelle is a smart, in-memory data store that is highly available, durable and globally distributed. An alternative to cloud database services, Bluzelle is building a decentralized database service that businesses can use to store their data. The company’s vision is to disrupt the market and services offered by leading providers. Its services come in the form of its blockchain-based storage network, called “Bluzelle” network, which will provide storage resources to people in exchange for Bluzelle tokens. As of 2018, Bluzelle has successfully completed a $19.5 million ICO project to create a decentralized database for dApp developers with unprecedented security and scale.
Looking at the many blockchain start-ups that have found success in Singapore, it cannot be understated how much of it derive from the support of the country’s government. In fact, since 2016, the Monetary Authority of Singapore have been working with R3, a blockchain technology company, and several financial institutions on a proof-of-concept project using blockchain technology for interbank payments. The country is also exploring the use of blockchain to link the National Trade Platforms to those of other countries.
For many countries, blockchain technology and cryptocurrencies remain a gray area, unregulated by any authorities. However, it is those that take the first steps in developing the technology that will be the leader and Singapore is proving just that.
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Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
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