Aligned with its vision to empower sustainable smart cities for future generations, Singapore-based GBCI Ventures  announced the launch of  Building Cities Beyond Blockchain (BCB). BCB will serve as a base platform for developing smart city applications. GBCI dedicated US$10 million for projects falling under BCB.

Developing Smarter Cities

The blockchain protocol has APIs in its arsenal which can be used to develop applications such as asset ledgers, eWallets, and payment systems. BCB is also designed to support real-world implementation in cities.

Other projects the BCB is developing include:

  • Traceability systems
  • Global cross-border settlement systems
  • Supply chain finance
  • Luxury anti-counterfeiting

The BCB team working on these projects is composed of 100 members coming from Singapore, Myanmar, Thailand, China, and the Philippines.

Continuing Expansion

This is just one of GBCI’s initiatives to develop smart cities. Earlier this year, GBCI announced that it will be investing US$ 100 million for the development of smart cities.  BCB, on the other hand, will soon be launching its first smart city project in an emerging market which will focus on ledgering assets and processing transactions.

According to BCB Chief Operating Officer Lee Changjin, the company believes that blockchain technology will heighten trust and transparency across all smart city transactions.

Truly enough, with initiatives and projects like these, we’re accelerating towards more secure and smart urban living.

Previous Singaporean Firm To Launch A One-Seater Flying Vehicle In The USA
Next How To Bridge The Gender Gap In Cybersecurity

Suggested Posts

MPA Launches Notation For Singapore Registry Of Ships (SRS)

Traffic Congestion Reconsidered: Lessons From Singapore & Other Cities

StarHub Partners With AirTrunk To Provide World-Class Data Centre Services In Singapore

A Fresh Take On Singapore’s Train System Map