Singapore mirrors a typical example of what can become of a country if it has a positive-minded government. In recent times, the Singaporean government has been experimenting and adopting cutting-edge technologies, including blockchain technology. To much of the world, Singapore is a country with stringent laws on a number of things. However, it’s quite surprising that the government opened up its space for technological innovation.
Reasons for Supporting the Tech Boom
First and foremost, Singapore is a first-world country in Asia which allows the experimentation of innovative technology. Secondly, the Chinese government’s clampdown on cryptocurrency businesses has compelled the industry players to scamper for safety in the nearest safe haven. In truth, those two factors explain the high affinity of the city-state to blockchain-based businesses. In the aftermath of these factors, Singapore has become the third-largest initial coin offering (ICO) hub in the world, after the U.S. and Switzerland.
HashCash Eyes Singapore
One of the companies getting on the blockchain train to establish their business in Singapore, is a California-based software development firm, HashCash. Indeed, the company doesn’t want to see the blockchain boom in the Southeast Asian country slip through its fingers. According to the management of HashCash, the industry experience has been astonishing, to say the least. With a robust spread that cuts across 26 countries, HashCash has made a name for itself in the global blockchain industry. It is steadily churning out blockchain-based solutions for companies around the world.
Partnership in Singapore
To get its foot in the Singaporean door, HashCash partnered with Singapore-based blockchain firm – Investment Evolution Coin Limited. The blockchain company has its own cryptocurrency called Investment Evolution Coin (IEC). The Singapore-based blockchain firm explained the ins and outs of the local market to the HashCash team. Understandably, the big companies bear all the costs of advancing the new technology because they see it as the vessel for future profitability.
In truth, incorporating the decentralized digital ledger in a traditional database setting has brought about efficiency, traceability, accountability, and security. Consequently, blockchain technology has become indispensable. Experts forecast that Singapore will witness unprecedented growth in the near future. The signs are already glaringly obvious. Of all the signs, the most remarkable is the high exchange of fiat currencies because its government promotes the country as a prime tourist destination.
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