S’pore Blockchain-Based Companies That Aren’t Linked To Crypto Trading
Singapore has positioned itself as a cryptocurrency and blockchain technology hub in Asia, with more blockchain-based startups formed in the city-state than in Switzerland, known as the hub of the crypto in Europe.
At the Singapore FinTech Festival 2020, PwC Singapore conducted a survey to assess the development of the industry and the results showed that blockchain ranks among the top three technology trends in Singapore.
The survey also ranked Singapore as a blockchain leader in the Asia-Pacific region.
However, the same survey found that the majority of respondents feel that awareness of blockchain technology is still very much lacking – this is a major challenge in propelling the development of the industry forward.
In another ongoing global blockchain survey by PwC, it is found that the “lack of understanding” contributes to the lack of confidence in the massive adoption and growth of blockchain. In fact, many executives and the average public still have no idea what blockchain really is and how it is changing all facets of the business.
Most people still confuse cryptocurrency and blockchain, thinking that these terms are synonymous.
A global blockchain survey by Deloitte showed that most people only heard about blockchain through its association with Bitcoin.
Currently, the most renowned blockchain-based companies in Singapore are all cryptocurrency trading platforms such as Coinhako and Binance. This shows that the average public tends to associate the industry with volatile and speculative trading assets with no other use case in mind.
However, there are many blockchain-based businesses that are actually flourishing in Singapore outside of decentralized finance and finance applications.
To give you a better idea of blockchain use cases, here are three under the radar blockchain-based companies in Singapore that you should know about:
1. Yojee – Logistics software
Founded in 2015, Yojee is a platform that uses artificial intelligence (AI) and a blockchain-based system to automate and improve the security of logistics and supply chain operations.
This ranges from optimizing the fleet schedule; manage tracking, pickup and delivery; the organization of invoicing, the allocation of positions and the evaluation of drivers.
Machine learning is used to analyze and continuously improve the efficiency of all aspects of operations, especially for more transparent logistics planning and to ensure the best division of labor between drivers and delivery partners.
When it comes to the application of blockchain, Yojee uses decentralized smart contracts to track, archive and verify transactions as well as deliveries securely without the intervention or loss of time of an intermediary.
When the conditions and the partnership agreement in blockchain contracts are met and verified, a network of computers will perform automated actions. Contracts are securely encrypted and shared transparently between all parties involved.
As of 2017, Yojee has a customer portfolio of 70 leading e-commerce sites in Southeast Asia.
According to its CEO Ed Clarke, companies that use Yojee have been able to reduce their delivery times from three days to the same day, in some cases.
The company also plans to develop driverless trucks, as well as further automating its services and offerings, to keep pace with other competitors in the logistics industry.
2. Electrify – A retail market for energy
Since 2001, Singapore has waged a steady campaign to democratize the electricity market, thereby providing consumers with more options to manage their energy costs.
However, it was not until April 2018 that Singapore announced its intention to deregulate the electricity market.
Electrify seized this opportunity to become the leading retail energy market in Singapore. Founded in 2017, it allows consumers to compare the options available on a single platform without having to approach individual retailers.
Consumers can simply sign up with an Electrify account, submit their energy needs, and the system will then match them with the relevant suppliers to create the most suitable energy subscription plan.
They have another special product for solar power – a peer-to-peer energy exchange platform that connects rooftop solar panel owners with consumers. In this way, homeowners can earn income from their excess energy production while consumers can purchase energy supplies at a lower cost.
Electrify started adopting blockchain technology in 2018 to improve the security, transparency and efficiency of the electricity market and Synergy.
With smart contracts based on blockchain technology, consumers can secure and authorize transactions directly with vendors, thereby removing the costs associated with the middleman. Consumers can also choose to transact using Electrify’s ELEC cryptocurrency.
That same year, Electrify raised US $ 30 million through token sales. Founders Julius Tan and Martin Lim said they plan to use the funding to expand across Asia-Pacific, where countries are also starting to liberalize their electricity markets.
3. Bluzelle – Peer-to-peer data storage sharing
Founded in 2014 by Pavel Bains and Neeraj Murarka, Bluzelle is presented as “the Airbnb of data space”.
Its platform allows users to get paid to share additional space on their computer that they don’t need with willing buyers. In short, they are revolutionizing the world of data storage with blockchain technology.
Using a decentralized database system, Bluzelle users can directly interact with different computers and nodes to store their data. Anyone with a reliable internet connection and a reasonably powered computer will be able to run a Bluzelle node, potentially earning passive income in the process.
This decentralization eliminates the risk of downtime and central point failure because users can now have multiple node storage points without the need for a central intermediary.
Computing power workload is distributed over multiple points, which speeds up the performance of IT operations. In addition, it also reduces the risk of a cyber attack – if a node is hacked, only a fraction of the data or information will be stolen.
Bluzelle users can also transact using secure and transparent smart contracts, in which suppliers and customers can clear each other with Bluezelle’s BLZ token.
Bluzelle extended the functionality of smart contracts to generate a “consensus entity” – a function that allows all users to safely vote to decide on the arbitrary value of data storage pricing. Other non-blockchain use cases include gaming network content and data storage.
Going forward, Bluzelle will continue to develop more use cases for non-blockchain projects. He is committed to supporting projects that apply his technology to censorship resistance.
The potential of blockchain is limitless
As the startup overview above shows, we are currently only scratching the surface of blockchain technology development.
What started as the basis of cryptocurrencies such as Bitcoin, blockchain technology is now spreading through a wave of industries.
For example, Daimler has teamed up with Singapore-based Ocean Protocol, a decentralized data exchange, to explore how blockchain could be used to share supply chain data between its manufacturing centers and partners.
Another area where the blockchain is already running is airline loyalty. Singapore Airlines’ KrisPay is a digital wallet built on a blockchain that securely turns miles into cryptocurrency that can be used with merchant partners.
While mass adoption of the technology still has a long way to go in Singapore, it is clear that the future potential of blockchain application is limitless.
Featured Image Credit: CryptoSight
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