Singapore Takes the Lead in Blockchain Tchnology
A recent study by ApeX Protocol, a multichain liquidity platform, has named Singapore the global leader in blockchain and cryptocurrency technology.
The study ranked the top 10 countries based on key factors such as blockchain patents, industry jobs, and the presence of crypto exchanges.
Singapore emerged at the top with an impressive composite score of 85.4, boasting 1,600 blockchain patents, 2,433 industry jobs, and 81 crypto exchanges—remarkable figures for a nation with fewer than 6 million people.
🌍 Singapore & Hong Kong Lead Blockchain Innovation Over the US
1/3 Singapore Tops the Global Blockchain Race
With a score of 85.4, Singapore leads the blockchain revolution, driven by over 2,400 blockchain jobs and 81 crypto exchanges. pic.twitter.com/0DJMXZytWc
— AlertCode (@Alertcode_) December 26, 2024
Hong Kong followed closely in second place with a score of 82.7, driven by its robust financial infrastructure that seamlessly integrates blockchain technology.
Estonia, despite its small population of 1.4 million, secured third place with a score of 81.5, thanks to 95 blockchain patents and 52 crypto exchanges.
Switzerland ranked fourth at 80.2, leading in decentralised finance (DeFi) with 440 blockchain jobs and 32 exchanges.
The United States took fifth place with a score of 79.8, leading in blockchain patents and jobs—boasting 32,000 patents and over 17,000 blockchain-related positions.
3/3 The US Declines Amidst Rising Competition
While the US maintains a significant lead in patents (32000) and jobs (17,000), it has seen its market share drop, losing ground to emerging players like India and Southeast Asia, highlighting the global shift in blockchain innovation
— AlertCode (@Alertcode_) December 26, 2024
Canada (77.3) ranked sixth, with 1,200 blockchain patents and a strong demand for skilled workers.
Australia came in seventh with a score of 76.8, showcasing its 1,400 blockchain patents and growing crypto sector.
South Korea, with a score of 75.4, produced the second-highest number of blockchain patents (18,000) but has fewer blockchain-related jobs (121) and exchanges (29).
The United Kingdom followed in ninth place with a score of 74.9, marked by 2,800 blockchain patents and 2,673 related jobs.
The UAE rounded out the list in tenth with a score of 73.2, showing growth with 340 blockchain patents, 414 industry jobs, and nine crypto exchanges.
Blockchain Becoming More Mainstream
A spokesperson from ApeX said:
“Blockchain technology is no longer just a niche innovation; it has become a cornerstone for digital transformation across industries. The countries leading in this space are not just embracing the technology but are actively shaping its future."
They added:
“What stands out is how diverse approaches—whether through regulatory clarity, investment in talent, or fostering innovation—are paving the way for global adoption. This reflects a broader shift toward decentralization and transparency, which are becoming essential in today’s interconnected economy.”
The metrics used in the index were carefully weighted to reflect their significance, with final scores scaled on a 1-100 range for clearer comparison.
This approach offers a thorough overview of how countries are progressing in blockchain technology, considering factors such as patent activity, workforce development, and market accessibility.
Up-and-Coming Markets
While established leaders maintain their dominance in the rankings, emerging markets such as Nigeria, Kenya, Brazil, and Argentina are steadily demonstrating their growing potential.
In Southeast Asia, alongside Singapore, both Vietnam and the Philippines are becoming frontrunners in applying blockchain technology to remittances and DeFi.
Singapore forged ahead with efforts to formulate a digital-assets hub in 2024, while rival financial center Hong Kong has struggled to gain traction https://t.co/CPJDIHWZ26 via @crypto pic.twitter.com/NyCKK61Nc2
— Sidhartha Shukla (@s1dc01n.bsky.social) (@sidcoins) December 24, 2024
Representatives from ApeX highlight that the global blockchain race remains dynamic, with the possibility of new contenders rising in the years ahead:
"Pioneering countries not only adopt technology but also shape its future, driving a more decentralized and transparent world."
Investment in infrastructure, talent, and regulatory clarity will be crucial for countries aiming to secure a competitive edge in this rapidly evolving space.