Philippines are Aiming to Boost their Blockchain Development

Jun 22, 2019 at 13:33 // News
Author
Coin Idol
This partnership will offer DTI with gratis consultation, cost-benefit plus socio-economic analysis of blockchain and digital currency.

Philippines Department of Trade and Industry (DTI) recently signed a Memorandum of Understanding (MoU) with a United States startup, Monsoon Blockchain Storage Inc., to enhance the effectiveness of the technology implementation.

This partnership will offer DTI with gratis consultation, cost-benefit plus socio-economic analysis of blockchain and digital currency. The former will further carry out a “needs assessment” and also vouch for an action plan which will make it easy for DTI to effectively incorporate distributed ledger tech (DLT) into its prevailing programs and projects.  

A Road to Becoming a Blockchain Hub  

As per the press statement issued recently, DTI is trying to improve capacity building on the operational application of digital currency in Philippines.

As cybersecurity is still one of the burning subjects in the sector, DTI is willing to send its experts to start training and working with the aim of turning its dreams of eradicating cybercrime and becoming a blockchain & cryptocurrency hub into reality.

The government wants to transform with the technological change that is happening across the entire world, that is why its citizens, companies and institutions are working hard to delve into ground-breaking innovations.

The teamwork will yield into the growth and development of local businesses by increasing the adoption and integration of this nascent disruptive technology into their goings-on and modifying cybersecurity concerns in the nation.

Massive Countries Continue to Adopt Blockchain

The authorities are very much dedicated to looking for more ways of expediting the ease of doing business within the nation, so massive retail and institutional investors and micro-entrepreneurs can be encouraged to start up investments and quickly expand and contribute to the creation of new jobs and opportunities for itizens.

Earlier this year, the Cagayan Economic Zone Authority (CEZA) drafted rules and regulations for acquisition and trading cryptocurrency like Bitcoin, which means the country is actively exploring innovation. The Philippines’ fintech city is seeking to increase the security of virtual asset investors by protecting them from any risks, cybercrimes, losses and dangers related to virtual assets including Bitcoin.

The DLT is visibly getting mainstream, as other countries are also being seen exploring its potential and use cases for their purposes. Recently. Georgia also signed the MoU with a blockchain startup Input Output Hong Kong Ltd (IOHK) aiming at turning the country into a technology hub. The MoU provides for the Ministry of Science and Education to use 3G blockchain-enabled projects.