Blockchain amongst top tech trends for Singapore in 2021: survey

Singapore ranks fourth as top blockchain leaders in the world.

Blockchain has emerged as one of the top technological trends for Singapore in 2021, according to the The Singapore Blockchain Ecosystem Report 2020.

About 70% of respondents see blockchain as the top technological trend in Singapore. Other top trends are artificial intelligence & automation (91%) and autonomous technology/IOT (64%).

The survey also placed Singapore as one of the top blockchain leaders in the world along with the United States, China, and Europe.

The report also highlighted the optimism for the growth of blockchain in Singapore, as 45% respondents believed the growth of blockchain technology will accelerate with more applications and opportunities.

When asked about applications of Blockchain, Asset Track and Traceability was the field most chosen by 52% of respondents, which corresponds to the rise in the use of blockchain in supply chain tracking.

Of the respondents that are not currently engaging in blockchain initiatives, the majority (77%) believe more awareness of blockchain applications and use is the primary challenge.

The report is co-presented by OpenNodes, Temasek, IBM, PwC Singapore, EY and SGTech, and supported by the Infocomm Media Development Authority and the Monetary Authority of Singapore. It highlights Singapore’s lively blockchain research landscape due to active contributions from both academic institutions and the private sector.