According to by The Strait Times on Monday, the S$12 million (US$8.99 million) program from the National Research Foundation (NRF) will support research and development of real-world use cases for the technology.
The Singapore Blockchain Innovation Programme is expected to interact with up to 75 companies ranging from multinational corporations, large enterprises and IT firms to come up with 17 blockchain-based projects.
The initiative will see those projects established over a three-year period across sectors including trade, logistics and supply chains, The Times said.
The NRF, established in 2006, operates as a department within the Prime Minister’s Office to guide Singapore’s direction on research and development.
While the program is funded by the NRF, the Infocomm Media Development Authority and Enterprise Singapore (ESG), a government agency supporting businesses, also participated in the launch.