Singapore ramps up its blockchain research capability

Claiming to be the greenest and most secure blockchain ecosystem in the world, Algorand Foundation has selected Nanyang Technological University in Singapore (NTU) as part of its $50m program to host a new research and education centre aimed at developing and advancing blockchain technologies. 

Known as the Algorand Centre of Excellence at NTU (ACE@NTU), NTU is one of 10 new Algorand Centres of Excellence (ACE) established earlier this month, NTU said in a recent statement.

Algorand (ALGO) was first established by professor Silvio Micali from Massachusetts Institute of Technology in 2017. It is a fully decentralized, secure, and scalable blockchain that provides a common platform for building products and services for a borderless economy.

ALGO to US dollar

ACE@NTU aims to become the nexus for blockchain education and research as well as foster a vibrant ecosystem to advance blockchain development and adoption in Singapore and the region in the next five years.

NTU deputy president and provost professor Ling San said: “As a world-leading University with deep expertise in computer science and related fields, we now aim to groom a pool of talent in blockchain for Singapore.”

“Through research, new programs and upgrading courses, NTU will equip undergraduates, postgraduates and industry professionals with cutting-edge blockchain knowledge and know-how, in order to accelerate industry adoption of the technology,” he added.

ACE@NTU

There are five initial blockchain research projects, of which one of them is SGVerse – a metaverse platform for smart grid technologies to be tested out across the world. Two other projects include blockchain implementation for enterprise use, and blockchain-powered machine learning for financial data management.

An International Blockchain Technical Alliance will also be set up by ACE@NTU to facilitate exchange and cooperation among leading institutions, and to promote the use of blockchain technology among key decision makers and the public.

NTU will establish an “Innovation Sandbox” for blockchain, providing an environment where appropriate safeguards are in place and specific legal and regulatory requirements are relaxed for new blockchain technologies to be test-bedded and validated.

Algorand’s news comes after Klaytn (KLAY) announced their Blockchain Research Center Program, where it has chosen South Korea’s KAIST and Singapore’s NUS to host and operate its program.

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