i-Synergy’s twin tech research JV with Uni of WA looks to draw Commonwealth attention. Pic: Getty Images
Tech
i-Synergy’s collaboration with UWA presents the company with the opportunity to apply for government funding of up to $3m on each project.
After establishing a Research and Development (R&D) Panel last month, i-Synergy (ASX:IS3) is already looking to establish new research projects.
The company has just signed a Research Agreement with the University of Western Australia (UWA) to develop unique software systems and seek available and appropriate grant funding from the government.
In order to obtain this funding, the partnership are working on developing two new technologies at I-Synergy – a Universal Digital Asset Payment Infrastructure, and a Social Media Sentiment Analytics and Prediction Platform.
The project deliverables will include nascent technologies, patents, reports, and scientific papers- and if successful, the grant amounts could be worth up to $3 million for each project.
Dr Ponnie Clark, a computer science expert at UWA who was brought in recently as head of the new R&D Panel at i-Synergy, will be one of the chief investigators of the collaboration project.
The other chief investigator in the project will be Prof. Mohammed Bennamoun, along with partner Investigators from i-Synergy including Managing Director Dato Lawrence Teo Chee Hong, and Executive Director Kevin Coutinho.
Coutinho said, “the current market service offering is fragmented in terms of payments and marketplaces, and the lack of a unified system protocol standard negatively impacts upon participants’ ability to conduct business.”
“The aim of this sponsored research project is to enable the seamless and pragmatic use of applications, which combine and will produce positive results for a growing digital market,” Coutinho said.
The Commonwealth’s Cooperative Research Centres Projects (CRC-P) Grants was established in 1990, and provides funding for industry-led research collaborations to develop a new technology, product or service.
The collaboration between i-Synergy and UWA involves three components.
Component 1 will be the investigation and research into a payment system and software for a hybrid blockchain based marketplace.
This component will be delivered for Round 1 of the CRC-P Grant application, which is targeted for July.
Component 2 will be an investigation and research into prediction models for markets, which is aimed for Round 2 of CRC-P Grant application expected in January 2023.
Component 3 meanwhile, will involve research and development of a hybrid blockchain based marketplace.
The deliverables on this component will include a final report and scientific papers, which are due for completion by April 2023.
A hybrid marketplace is a decentralised market that crosses between a blockchain-based marketplace and a traditional marketplace, using a combination of software protocols.
“We have focused on finding gaps in the market segments and working on building technologies that will catalyse the application of technology, and move towards ascent stages of technological application,” Dr Ponnie Clark from UWA said.
Dr Clark added that the sponsored research project process is not a linear process, but rather an iterative process of identifying gaps.
“This includes performing background research, developing the technologies and applications, and testing the applications,” she said.
I-Synergy has a strong focus on the growth of the customer network, and adapting for the changing needs of current marketplaces.
The collaboration project with UWA demonstrates the great importance the company places on its product and service offerings, in order to align them with new and emerging technologies in an evolving digital landscape.
This article was developed in collaboration with i-Synergy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Tech
Tech
Tech
