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Supply chains and the adoption of Blockchain technology

With all the changes generated in global trade as a consequence of Covid-19, the adoption of Blockchain technology to improve supply chains is imminent.

The Covid-19 pandemic continues to threaten public health, as the world’s economies experience major changes in consumer behavior, patterns, and trade flows.

Faced with this uncertain panorama, importers and exporters are struggling to rethink global trade processes, as well as supply chains.

A situation that contrasts the increase in consumer expenses on certain goods, demand for food, medicines, chemicals and cleaning products.

Due to the uncertainty surrounding COVID-19, supply chain leaders must mitigate disruptions and risks to position their organizations for success through flexibility, creativity, and automation.

That is why in today’s environment, technology plays a fundamental role in managing the entire value chain, anticipating risks and challenges.

Blockchain technology adoption

Companies can leverage data from supply chains to detect inefficiencies, automate decision-making processes, and improve the customer experience.

In this context, the adoption of Blockchain technology continues to increase, with the purpose of empowering, supporting, and eventually automating commercial operations.

According to a Gartner report on Blockchain technology from last year, Blockchain technology will generate more than $ 176 billion in business value by 2025 and $ 3.1 trillion by 2030 worldwide.

Advantages of using Blockchain technology

It provides a more efficient and stable mechanism for tracking data in complex supply chains.

In this way, it increases efficiency and allows human errors to be reduced, as well as allows establishing responsibilities within the chain.

Blockchain technology allows to provide a safe custody of the Items as they move along the chain.

In addition, it significantly reduces the cost of products in transit due to lower documentation costs.

Singapore bets on a Blockchain-based economy

Blockchain Association Singapore, is an initiative that seeks to establish itself as the central nerve of the use of scalable technologies in the city-state and in the world, helping to build a new digital economy.

Dozens of companies already carry out Blockchain activities in Singapore, allowing the country to position itself as a global center in the implementation of this type of technologies.

With the push of the Blockchain Association Singapore, companies operating or entering Singapore will find it easier to take advantage of Blockchain and other scalable technologies to grow and transform their business.

The call for the Virtual Trade Mission to Indonesia and Singapore is announce

In the framework of the Enterprise Europe Network, they announce the third call of the Multisectoral Virtual Trade Mission to Indonesia and Singapore.

The Ministry of Innovation, Industry, Transport and Commerce and the Cantabria Chamber of Commerce announced the third call for the 2020 International Promotion Action Plan.

Within the framework of this call, a Virtual Agenda Service – Multisectoral Virtual Trade Mission to Indonesia and Singapore is included.

This call, which takes place within the framework of the Enterprise Europe Network, has as final objective the realization of multisectoral virtual agendas and meetings with potential clients or importers from Indonesia and Singapore.

This activity will count with the collaboration of the Economic and Commercial Offices of Spain that will be in charge of the individual agendas in which the participating companies will work.

The meetings will be virtual and will be adapted to the profile and needs of the participating countries.

Each company will have the opportunity to meet virtually with potential clients and organizations from other countries, these established prior to a participation form in the meeting where they determine their profile and interests.

About Enterprise Europe Network

  • Enterprise Europe Network helps companies to innovate and grow internationally.
  • It is the world’s largest support network for small and medium-sized enterprises (SMEs) with international ambitions.
  • The network is active in more than 60 countries worldwide.
  • It brings together 3,000 experts from more than 600 member organizations, all recognized for their excellence in business support.

Singapore in Context

Singapore is a city-state with a total population of 5.6 million inhabitants.

It has legal certainty similar to that of any developed western country and has positioned itself in recent years as a hub for business, commercial and technological operations throughout the Asia Pacific.

With a per capita income of more than 60,000 US dollars, the economy has been growing positively since the last crisis (2010) at an average of 3.5%.

However, recent recorded a downturn attributed to the Covid-19 pandemic.

Singapore FinTech Festival: A world event

Singapore FinTech Festival x SWITCH 2020 is a key event that will connect the world through physical and digital experiences.

The Monetary Authority of Singapore and Enterprice Singapore announced that this year’s festival will be expanded in several cities around the globe, so that people can attend key physical locations and thus connect with the experience.

This initiative will allow global communities of advanced and cutting edge technologies to participate in the event amid the limitations of international travels due to the pandemic.

A physical and digital experience

The festival will feature a hybrid experience that will connect a city with various physical locations around the world.

The activities will be focused on the commercial area to promote sales cycles, discover partnerships and generate investments.

This year’s festival will provide each participating organization with a digital location where they can share and interact with the participants.

Exhibitors will be able to present innovative technologies such as Fintech, smart cities, urban solutions, commerce and connectivity, artificial intelligence and 5G, among others.

Festival participants will be able to go to physical events in each city to establish contacts with local governments and industry leaders.

For five continuous days, live broadcasts will be held 24 hours a day, with the speakers leading the industry in the world, where they will be able to share points of view on topics such as financial inclusion, green technologies and sustainability.

A challenge against the Covid-19

The spread of Covid-19 has highlighted the need to increase efforts and technological capacity to overcome the challenges facing the world.

Under the slogan “People and Talent” it will honor people who show an ability to overcome obstacles to create new opportunities to advance in society.

It will also highlight the pioneers who have made a difference, as well as rising stars with the potential to transform global industries.

Singapore universities join adoption of blockchain projects

Aiming to strengthen their internal systems and services, Singapore universities are adopting blockchain platforms.

China’s main digital bank WeBank, together with the OpenNodesblockchain platform, make in a strategic alliancewill promote a broad project of innovation and development of distributed ledger technology in the main universities of Singapore.

The purpose seeks to strengthen internal systems and promote better services,  seeking to stimulate research on blockchain technology for the country’s supply chains and financial sectors.

Blockchain and the next generation

The FISCO BCOS platform will organize training spaces with students from the University of Technology and Design, the Nanyang University of Technology and the Singapore Administration University.

“We seek to stimulate talents of the next generation to build viable solutions using blockchain to serve the general public,” said WeBank’s executive vice president and chief information officer, Henry Ma.

WeBank and OpenNodes announced this initiative that is developed as a result of their association and plans to organize meetings such as workshops, hackathons, to raise awareness and create commitment to the projects that are being promoted in universities from Singapore 

The project platform this  was developed and established during 2016, in its initial phase it had the contribution of the 20 main Chinese fintech companies. The next year the project it became open source, and its membership stand up Tencent, Huawei and WeBank, and more than 100 firms too.

Singapore businesses to adopt SafeEntry security system

Starting next May 12, all Singapore businesses must adopt the SafeEntry security system which requires all citizens entering an establishment to sign in and out of the venue.

The measure announced by the government is designed to enhance the national tracking system to prevent further spread of Convid-19 and to recover the country’s economic activity.

All companies in the country are obliged to implement the use of the technological tool; for those that already have a current access control system, the government demands them to implement SafeEntry over their existing system. Likewise, its application is compulsory in public places and shopping malls.

The application was launched on April 23 and by the time it closed it was already active in more than 2,100 businesses.

Despite being developed by GovTech, the same agency that created TraceTogether, there are some differences. Currently the code has not been released and SafeEntry is mandatory. For the tracking application, the creators are working to implement the protocol of Apple and Google and thus expand its compatibility.

How does the app work?

The QR code scanner appears on the main screen

You must indicate if you are leaving or entering a local.

Indicate the name, passport number or NRIC and mobile phone.

The use of this type of application maintains an open debate in the community about privacy since each trip is recorded, hence, many citizens warn that this data can be used for espionage or monitoring purposes. However, the authorities indicated that there are strict measures to safeguard the records in accordance with the Government’s data security standards.

Singapore launches delivery service with drones

Singapore takes a step forward after launching delivery service with drones, the first delivery was made to a ship; this initiative is part of the technological innovation policy that is promoted in the Asian country to supply the shortage of labor in one country of 5.7 million inhabitants.

The start of the delivery service with drones arises at a time when human contact is limited due to the spread of Covid-19, which up to this day it amounts over 15 thousand cases and a total of 14 deaths in the country.

Aside from being efficient, drone deliveries can also reduce unnecessary human contact amid the COVID-19 pandemic,” said F-drone CEO Nicolas Ang.

The drone company plans to continue expanding its capacity and plans to develop equipment that can deliver up to 100 kilos and with a rout close to 100 kilometers to ships and platforms on the high seas; this new stage of the project is expected to be in progress within the second semester of 2021.

On its first mission, the drone carried two kilos of vitamins to a ship owned by the Eastern Pacific Shipping, the flight lasted seven minutes and traveled a distance of 2.7 kilometers.

The use of unmanned vehicles for delivery services will save up to 80 percent of the costs of home deliveries and also has a lesser impact on the environment said Nicolas Ang.

Meanwhile, Singapore’s civil aviation authorities supported the use of drones and are working hand in hand with industry stakeholders to expand the project while trying to shape a regulatory framework for the sector.

Singapore increases use of blockchain technology in supply chains

Amid the global crisis generated by the spread of Covid-19, an increasing number of large and medium-sized companies in Singapore are promoting dozens of programs based on blockchain technology to boost their supply chains.

“We see an acceleration of digitalisation in Maritime Singapore, which has improved productivity and efficiency of the sector,” said Quah Ley Hoon, executive director of the Singapore Maritime and Port Authority.

“Blockchain has tremendous potential applicability in areas such as bills of lading, cargo-tracking and trade financing,” added Hoon.

In this context, the World Economic Forum considers the adoption of this technology important to generate a global economic impetus after the pandemic.

A recent report by the agency examines how the deployment of blockchain-based solutions can cope with supply chain inefficiencies and failures that the COVID-19 pandemic has revealed.

The document also emphasizes a series of recommendations with the aim of offering help to governments and companies to adapt their supply chains to the current economic landscape.

Research published April 28 claims that, the resilience of private and public supply chains has been tested amid the coronavirus outbreak; supply chains of pharmaceutical products, medical supplies and foods are mentioned among the most affected sectors.

The report argues that the efficiency of supply chains depends on transparency, and the adoption of distributed ledger technology (DLT) is advocated to create a “common truth” among stakeholders in the supply chain.