Fast. Innovative. Modern. Colorful. Inspiring. This is Singapore. The perfect setting for a young and fast-growing scene like the blockchain scene. Singapore was once again host to this year’s Blockshow Asia; this marks the second in a row. But why is this surprisingly small artificial island of 722.5 km2 such a big deal to the blockchain and tech industry?
Singapore, also known as the lion city, is not the only country in the Asian Pacific region that is currently the fastest growing market for blockchain in the world. However, according to a report by the consulting firm PwC, 82 percent of executives in Singapore have reported that blockchain initiatives are underway in their organizations. Out of which 13 percent have brought the initiatives live to the market.
The Singaporean government is as open as its people are to new things. It is advanced, thinks different, and welcomes new ideas. Since 2016, the Monetary Authority of Singapore has been working in a partnership with R3 – a blockchain technology company – and a consortium of financial institutions. They collaborate on a proof-of-concept project to conduct inter-bank payments using blockchain technology. The lion city is also exploring the use of blockchain technology to link the National Trade Platforms to the trade platforms of other countries.
Singapore and blockchain have a lot in common. Which you may ask? The small city has colorful and diverse cultures which are present in parts such as Chinatown, Arab Lane, and Little India. The blockchain isn’t so different, having its own colorful and diverse dimensions, like cryptocurrency, ICOs, and HTOs. So why not combine these two? The concept seems to work perfectly. Openness and curiosity, this is the common ground between the two and holds them together.
As Singapore has become a hotspot for crypto and blockchain enthusiasts, to host the Blockshow Asia 2018 in Singapore at theand Convention Centre is only reasonable. The halls of the center were filled with interested and potential investors on Wednesday and Thursday, 28. and 29. November 2018, respectively. The atmosphere was filled with engaging discussions, promising collaborations, and satisfied visitors.
A favourable setting. Maybe next year’s Blockshow will also be held in Singapore. Who knows? The event would surely be at home and as successful as this year’s.