SINGAPORE – Media OutReach -November 2018 – During yesterday evening’s airing of “Hello Singapore” , LIC Chain founder, Dr Peggy Peng predicted that the language service industry will be Singapore’s new economic growth point, especially when basing this aspect on Blockchain Technology.
The episode was a discussion on Blockchain featuring Dr.Peng, alongside with Singapore Management University’s (SMU) finance professor, Hu Jian Feng.
While discussing about the topic of why make use of Blockchain Technology in language service industry, Dr.Peng said, “The language service industry is naturally decentralized because of its fragmented usage scenarios. Therefore no translation company can cover all scenarios and dominate the market. Overall, Blockchain and language service industry are a match in heaven because of their decentralization natures.”
When asked about the impact to Singapore brought by Blockchain, Dr.Peng answered, “Blockchain is a historic opportunity that Singapore should seize upon, just as it did in the past when it grabbed the opportunity to become a shipping and finance hub which help it became a developed nation within 50 years of independence.
“We are now in the Blockchain era, and Singapore should once again move quickly to cement itself as not just a Blockchain hub, but also as a global language information hub,” said Dr.Peng. The reason is due to Singapore being a multi-cultural society with a bilingual education system.
With Singapore’s unique bilingual education, every Singaporean will have a chance to get translation jobs from around the world via LIC’s public chain. As the public chain brings global talents and jobs together, this will create plenty of job opportunities for Singaporeans. If Singapore can be a global language hub, it can also be a global information hub as language conveys information.
Not only that, talents in AI and Blockchain will be drawn to Singapore, thereby invigorating the Blockchain scene in Singapore. With language and IT talents moving to Singapore, this will help create a new economic hub for Singapore.