It will improve efficiency of multi-party trade finance transactions.
Together with Singapore Economic Development Board, IBM brings the first research-led innovation centre to incubate new solutions and produce new digital businesses based on blockchain.
The blockchain platform will be designed and developed in Singapore to help upgrade the city-state as a smart financial centre. Such projects will involve global banks and fintech companies as well as the Money Authority of Singapore and Singapore's Central Bank.
The center will employ research scientists and engineers locally and worldwide. Additionally, it will also engage with small and medium-sized enterprises (SMEs) to create new applications and grow new markets in finance and trade.
Through blockchain, it will help bring dramatic changes across the entire business ecosystem to reduce costs and risks, but will increase accessibility to services that could help SMEs completely change the business landscape.
Robert Morris, vice president of Global Labs of IBM Research, also exemplified that their goal is to design, develop, and test blockchain technology for key industries such as finance, trade and commerce.
As a research hub, the IBM Center for Blockchain Innovation is looking forward to working with academes and higher learning institutions that develop competence in blockchain and cognitive technologies.
“We aim to help make Singapore a top destination for innovation in finance, trade, and commerce and establish it as a global center of deep competence, expertise and industry leadership in enterprise Blockchain and cognitive technologies,” Morris ended.
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