Prime Minister of The Netherlands Mark Rutte visited Singapore as part of a trade mission to South East Asia. The Singaporean visit included a Business Round Table where specific partnerships between Singapore and The Netherlands were demonstrated. The Singapore University of Technology and Design (SUTD) and the Netherlands Organisation for Applied Scientific Research (TNO) demonstrated their commitment by signing a letter of commitment on two focus areas: Blockchain Security Lab and Design of Secure Critical Infrastructures. SUTD Provost Professor Chong Tow Chong, said: “This further commitment between SUTD and TNO underscores the increasing importance of cyber security in the world today. As a research-intensive university focused on technology and design, SUTD will partner with TNO to drive research in blockchain technology, which will help improve financial technology, as well as cybersecurity in critical infrastructures.”
Singapore and the Netherlands, both tech-savvy hubs, are shaping up to be the home of tech wizards and cyber security warriors who keep us safe. Blockchain technology, which enables monetary or data transactions without having to go through a third party organisation such as a bank, is currently viewed as the next big disruptive technology to become a critical infrastructure. “Blockchain technology is the future and the driving force behind thousands of startups with all its regulatory, business and societal impacts. Therefore focus on safe and secure Blockchain applications is essential”, says Paul de Krom, CEO at TNO.
Together, SUTD and TNO will set up the Blockchain Security Lab in SUTD’s Center for Cyber Security Research: iTrust. By attacking Blockchain technology in a testbed setting, controls are created on how to regulate, design, deploy and certify cyber secure Blockchain applications.