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Comparison of the construction of the blockchain ecosystem in East and West

July 9, 2020

On July 8, one of the panels for the Asian version of Unitize brought together two key participants in promoting blockchain technology in their respective regions.

Marloes Pomp, who initiated a blockchain project with the Dutch government, and Yi Ming Ng, who works for the Tribe Accelerator project in Singapore; These two compared their organizations’ approaches to building blockchain ecosystems.

Initial reluctance, but from different angles

Pomp’s foray into the world of blockchain began in 2016 when he was inspired by the presentation of Dubai’s blockchain strategy. She considered that the Netherlands should consider a similar strategy, but encountered initial opposition within the government.

Comparison of the construction of the blockchain ecosystem in East and WestComparison of the construction of the blockchain ecosystem in East and West

However, Ng entered the industry in 2017 when the cryptocurrency became a big bubble and the first coin offerings (ICOs) were in full swing.. He discovered that many companies feared blockchain because of its alleged connection to the cryptocurrency market and ICO fraud.

Pomp didn’t have as much reluctance in the corporate sector as not many crypto companies or ICOs in the Netherlands at the time. Instead, people wanted to understand how to use technology.

In business, this is about the common good

Pomp persuaded the Dutch government to launch some pilot projects that quickly expanded to 35 different trials across the government. The success prompted the Ministry of Economy to found a public-private blockchain coalition in 2017.

In many cases, the commercial argument for the Dutch government focuses on the common good or the development of a common process. As Pomp says:

“The government already plays a role in this. Blockchain is part of the puzzle to find social solutions that we are looking for anyway. Blockchain is an intermediary.”

For example, one of the projects focused on the KYC processes (Know Your Customer), in which blockchain was used to standardize an identity verification solution.

Accelerate the scaling process

Ng has raised $ 30 million to support 29 startups over the past year and a half. These companies come from industries as diverse as supply chain, healthcare, finance and mobility.

Tribe takes a different approach to most acceleration programs, helping to expand companies looking for capital from investors or corporate customers to develop blockchain technologies.

Your goal is to shorten the company’s schedule to reach decision makers faster.

Maintenance of internal technologies

Pomp also commented on the Singapore Government’s active investment in blockchain companies. This had not been the same in the Netherlands.

However, she believed that the COVID-19 epidemic could change this as awareness and desire to keep key technologies internal or at least within Europe increased.

This led to a recent investment by the Dutch government in a blockchain company that the press saw as a rarity.