COVID-19 has accelerated the need for Singapore to generate new digital relationships with the world. As data, financial and trade flows increasingly become digitalised, there is a corresponding need for secure and trustworthy waysto transact.The Singapore University of Social Sciences (SUSS), has worked with Enterprise Singapore(ESG) to launch the Blockchain for Trade & Connectivity (BTC) Network- a unifying platform that allows blockchain and other technologies to operate together.This initiative is supported by National Research Foundation.
The BTC Network allows for innovation and test bedding of blockchain solutions with multimodal global supply chain companies, digital trading platforms and technology specialists. It will focus on enhancing interoperability between blockchains by integrating mesh networks to streamline connectivity between existing systems or platforms. To help local businesses and workers understand the technologies’ potential, a risk assessment framework will also be developed for SMEs to assess how blockchain can be adopted to meet business needs.The industry’s commitment to strengthen trade and connectivity linkages was sealed in a Memorandum of Understanding (MOU) with an initial group of six commercial partners1 signed at the sidelines of the Singapore Week of Innovation and TeCHnology (SWITCH) on December 7,2020. The MOU aims to create, trial and lead the implementation of the BTC Network.
Under the partnership, SUSS will also be working closely with academics and industry practitioners to curate courses and programmes to enhance the knowledge and skills of local workforce. SUSS Provost,Prof Tsui Kai Chong said, “The BTC Network is one of SUSS’s endeavors in harnessing transformative technologies to serve society’s changing needs and contribute to building an inclusive and resilient society for social good. We are excited that the resulting programmes and courses will better equip our students and adult learners with future-ready digital capabilities.”
The BTC Network is expected to reduce barriers to trade and advance the trade and connectivity sector into a digital future that is secure and effective. Assistant Chief Executive, ESG, Mr Satvinder Singhsaid, “Assuring reliable supply chains and trusted connectivity to the world are key considerations that will maintain our status as a trade and connectivity hub. Through the BTC network, we can connect enterprises with Institutes of Higher Learning (IHLs) to co-create or adopt digital solutions that will promote greater efficiency and transparency across global supply chains. We will continue to work with SUSS and industry partners to help Small and Medium Enterprises (SMEs) assess the resilience of their current operations with the risk assessment framework and promote the adoption of blockchain technology for business confidence and growth.”
Caption: Group photo of signatories and witnesses at thevirtual MOU SigningCeremony
As an affirmation on the immutability of block chain technology, the MOU was also hashed and uploaded to VeChain’s (please refer to Appendix) public blockchain network.
About the Singapore University of Social Sciences
SUSS is a university with a rich heritage in inspiring lifelong education, and transforming society through applied social sciences. We develop work-ready graduates and work-adaptive alumni to their fullest potential through our 3H’s education philosophy –‘Head’ for professional competency with applied knowledge, ‘Heart’ for social awareness to meet the needs of the society, and ‘Habit’ for passion towards lifelong learning.
We offer over 70 undergraduate and graduate programmes, available in full-and part-time study modes, which are flexible, modular and inter-disciplinary, catering to both fresh school leavers and adult learners. SUSS also offers a broad range of continuing education and training modular courses for the professional skills upgrading of Singapore’s workforce.
Our programmes and courses are offered by our five schools:
- S R Nathan School of Human Development
- School of Business
- School of Humanities and Behavioural Sciences
- School of Law
- School of Science and Technology
To date, over 35,000 graduates have experienced our unique brand of education, and each year, about 15,000 students are pursuing their full-and part-time studies with us. The Institute for Adult Learning (IAL),as part of SUSS, leads in the field of research on adult learning to build capabilities of the training and adult education sector in Singapore and beyond. For more information on SUSS, please visit www.suss.edu.sg
About Enterprise Singapore
Enterprise Singapore (ESG) is the government agency championing enterprise development. We work with committed companies to build capabilities, innovate and internationalise. We also support the growth of Singapore as a hub for global trading and startups, and build trust in Singapore’s products and services through quality and standards. Visit www.enterprisesg.gov.sg for more information.