Singapore is a country which is always at the forefront of adopting newer technology. In this regard, it is also working to adopt the blockchain technology as well. Recently, the country launched its 1staccelerator program specifically designed towards the use of blockchain. This accelerator program will be a huge help for the small and medium business enterprises. This is one of the main reasons why it is gaining more and more prominence as well. Also, the aim of this accelerator program will be to enable the small and medium enterprises to start using the blockchain technology in order to make their business processes much better.
Moreover, with the help of this ecosystem, it will become easier for the small and medium business enterprises to use the ICO mechanism in the future as well.
Currently, the contribution of small and medium enterprises to the GDP of Singapore is around $ 196 billion. They employ around 65% of the workforce. This clearly indicates that they are a significant part of the economy of the country. That is why the government is currently working in order to help them not just survive but flourish.
There will be a blockchain development and research Centre which will open in September 2018. This will ensure that companies are actually able to do some on ground work when it comes to innovation using blockchain as well.
Also, future educational courses will also be organized which will help students learn more about the blockchain technology. That is why it is important for the small and medium business enterprises to think about the adoption of the blockchain. If indeed, they are able to adopt blockchain, they will be able to compete with the major players as well.
Many in the country of Singapore believe that the blockchain technology can be a game changer in each and every field. That is why the early adoption of the blockchain technology is necessary. Only when there is the early adoption of the blockchain technology, it will become easier for the companies to compete quite easily. That is why the proper adoption of the blockchain technology is necessary as well. Over a period of time, as companies adopt it more and more it will become easier for them to develop more innovative solutions. This will help them cater to a wide range of clients. Once they are able to cater to a wide range of clients, they will be able to expand their businesses significantly. This will ensure that the small and medium enterprises in Singapore are actually able to compete with the other global organizations in their respective industries.