Temasek plans new blockchain, AI ventures

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Singapore’s state-owned investment company Temasek Holdings is looking for new opportunities in the blockchain industry.

The company, already an investor in the R3 blockchain consortium, has been reorganizing with the creation of “experimental pods” for the studying of both blockchain technology and artificial intelligence (AI), according to a memo obtained by Bloomberg, which later received confirmation of the information from a Temasek spokesman.

The changes within the company as described by the memo are to have taken effect October 1, and to be overseen by Temasek International Pte Chief Operating Officer Chia Song Hwee.

According to the company, blockchain and AI will have long-term effects on various industries around the world. The memo read, “As the investment landscape becomes more competitive and complex, we are now seeing more situations where we would benefit from collaboration and specialized capabilities wider than our traditional sector and market team approach.”

The company is looking at the Americas, China, Europe, the Middle East and Asia, India, and Southeast Asia as markets where it is already entering negotiations and making investments. On the other hand, Japan, Korea, Singapore, Australia, and New Zealand are viewed as “engagement markets” where the company is prioritizing the establishment of networks at present.

The Temasek spokesman told Bloomberg through email that “we have been expanding our business coverage and geographic footprint over the past few years… As our operating environment evolves, our focus is on remaining nimble and well-positioned to capture opportunities that deliver sustainable value over the long term.”

R3, in which Temasek has invested, is responsible for the Corda blockchain platform, where numerous projects are already being undertaken. Among these are the entering of land registry data for properties in the United Kingdom and Wales, into the blockchain, as well as the detection of ‘fake’ online ads that don’t reach their intended audiences and involve false engagement.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.