IBM to open blockchain centre

IBM plans to open its first blockchain innovation centre in Singapore – blockchain is the transactional database based on the Bitcoin protocol.

The centre will focus on developing trade solutions using blockchain technology to improve the efficiency of multi-party trade finance processes and transactions.

Together with the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS), the centre will work with government, industries and academia to develop applications and solutions based on blockchain, cybersecurity, and cognitive computing technologies.

It will also engage with small to medium enterprises to create new applications and grow new markets in finance and trade.